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Is it just me, or do these companies always seem to fire or layoff their employees at around the Christmas holiday?
Caterpillar Inc: cutting white-collar pay by up to 50 percent and offering buyouts to as many as 25,000 U.S. employees.
Textron Inc: largest maker of corporate jets, said it will eliminate 2,200 jobs worldwide and has said that further reductions were likely. Textron employs around 44,000 workers.
Other companies planning to cut jobs before the Christmas holiday include Steelcase Inc, Kemet Corp , and Roper Industries Inc. Source
Oh, this does get worse folks, unfortunately.
The moves announced Monday come just days after FedEx Corp said it was forcing salaried workers to take at least a 5 percent pay cut and was suspending its 401(k) retirement plan match.
According to the employment consulting firm Watson Wyatt, 11 percent of all the companies it recently surveyed either already had cut wages or planned to do so over the next 12 months, and 10 percent either have reduced their employer 401(k) match or planned to do so.
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