The New York Philharmonic canceled the rest of its season and a 10-concert European tour due to the new coronavirus, estimating it will have $10 million in operating losses to its $87 million annual budget because of the pandemic.
The Philharmonic said the salaries of 106-unionized orchestra players will be cut to minimum scale for April and 75% of minimum scale through May.
Health benefits will be continued through the current contract’s expiration on Sept. 20.Due to declines in the financial markets, the Philharmonic said its endowment dropped from $210 million this year to less than $180 million last week.
Possible furloughs and pay cuts for its 113-person administrative staff are being evaluated. The Philharmonic’s season at Lincoln