The new contract, which goes into effect immediately and continues through August 2008, calls for $1.3 million cuts to musicians' salaries and benefits over the next two and a half years. It also reduces the length of the ensemble's season.
The musicians' previous contract ran through 2007, but the union agreed to renegotiate the terms in order to avoid a fiscal crisis at the CSO, according to the Associated Press.
Individual players will see reductions in salary of up to $26,000 over three years, the AP says.
Fordham E. Huffman, chair of the orchestra's board of trustees, said the concessions made by the musicians were "a critical step in moving the institution toward sustainable financial health. We understand that the concessions represent a substantial sacrifice by our musicians, and we are grateful for that sacrifice."
Douglas J. Fisher, president of the Central Ohio Federation of Musicians, Local #103, which represents the orchestra's musicians, said, "Accepting these concessions is very painful for us. With these cuts, we expect the board to secure the orchestra's future."