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| Caterpillar announces cost cutting measures Caterpillar Inc., the world's largest maker of heavy construction and mining equipment, announced cost cutting steps including significant compensation reductions for executives in 2009 as well as other compensation reductions for management and support staff. The company will also suspend merit pay increases for management and support employees and has instituted a hiring freeze. For 2009, executive compensation will decrease up to 50 percent, compensation for senior managers will be reduced 5 to 35 percent and other management and support staff will see a reduction of zero to 15 percent, reflecting planned reductions in the company's incentive compensation program and equity-based compensation. Caterpillar is also offering management and support employees based in the United States an incentive-based voluntary separation program. Eligible employees have until January 12, 2009 to elect to take part in the program. write your comments about the article :: © 2008 Construction News :: home page |