Seagate senior management taking pay cuts of 15-25 % globally
Irish Times is reporting that Seagate senior management worldwide are taking pay cuts of 15-25%:
More than 450 employees at US-owned technology company Seagate are having their pay cut by 10 per cut as the company battles to cope with the global downturn, it was announced today.
Seagate told a mass meeting of workers at the Springtown plant in Derry that the pay cut was for all management, sales and professional employees worldwide.
About one-third of the 1,400 workers employed at the plant would be affected.
Senior management globally, vice-presidents and above, will take pay cuts of between 15 per cent and 25 per cent, said Seagate.
There had been fears of redundancies among workers, but the company said fewer than five people at the plant were expected to be affected by redundancies as the company makes approximately 2,950 job cuts worldwide.
Seagate said it “very much regrets having to take these actions”.
But it added: “They are necessary to lower the company’s cost structure to align with the current macroeconomic business environment.”
Related posts:
- Seagate Technology to lay off 2,000 employees in Singapore
- Seagate to pull out of Singapore? and enlarge production in china
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