Home › Home ›

Caterpillar Slashes Pay

Submitted by Todd Sullivan on Mon, 12/22/2008 - 00:39.
in
Caterpiller

Thing are just getting worse. Caterpillar Inc (NYSE:CAT) said Monday it will cut pay and institute a hiring freeze in 2009 because of the weakened economy.

Caterpillar (NYSE:CAT)Caterpillar Inc (NYSE:CAT) said Monday it will cut executive pay by up to 50%, senior managers pay by 5% to 35%, and management and support staff pay by up to 15%.

Caterpillar will also give employees the option of signing up for a voluntary separation plan by Jan. 12, as well as making temporary and permanent layoffs.

The company said that it will also suspend merit pay increases for management and support employees.

 
It will be interesting to see if John Deere (NYSE:DE) followes suit.

WallStNation.comThanks for visiting WallStNation.com, to assist your investing research try using our Search (click to access) or review the list of Tickers (click to access) that link directly to articles related to the given stock/security.

To Browse our Most Recent Stories (click here)


Share WallStNation.com Content

Share this article with others, WallStNation.com is the Independent Wall Street Newspaper. Thanks for Reading!

Daily Market Summary


Please Review the WallStNation.com Disclaimer and remember that information provided by our site is at the investor's sole financial risk. Please Review for more Details