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The Boston Newspaper Guild, representing about 700 Boston Globe employees, votes today on a new contract involving significant pay and benefit cuts. The Globe's parent company, New York Times Co., said that without a $20 million cost-cut they would likely be unable to keep the Globe running. The proposed contract puts forth an 8.3% wage cut, five-day unpaid furloughs and cuts in benefits, 401k contributions, and pension funds. The Guild leadership has remained silent on the subject of the contract, allowing members to vote without voicing an official opinion or endorsement. If the contract is not ratified, employees face a potential 23% wage cut, or the closing of the newspaper. Guild members have expressed conflict over the contract, some voting to spare themselves a 23% cut, others protesting what they see as a contract that favors executives (given a one-year 5% wage cut) over regular employees.