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Business Briefing / Automobiles

Toyota acts to trim expenses

February 14, 2009|Times Wire Reports

Toyota Motor Corp., the world's largest automaker, will freeze wages and offer voluntary buyouts to plant workers in North America for the first time to combat an industrywide sales slide.

The buyout offers 10 weeks' pay plus two weeks' pay for every year of service and a $20,000 lump-sum payment.

The Japanese company had announced Thursday that it would cut executive pay, eliminate bonuses and reduce work hours at some plants.

Toyota recently forecast its first operating loss in 71 years.

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