Thursday, February 19, 2009

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ACCO Brands slashes salaries to avoid layoffs

ACCO Brands, an office product company in suburban Lincolnshire, has decided that instead of laying off employees it will cut their pay. The company says it is the best way right now to save jobs.

The office supply business is dependent on orders. In this economy, ACCO hasn't been getting as many orders. They've cut travel, bonuses and 401K contributions. The company spokesman says the only thing left to cut was salary.

Employees at ACCO Brands received some very bad news: their salaries will be cut but 47 percent.

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