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Business Briefing / Labor

Freezes favored over payroll cuts

February 26, 2009|Times Wire Reports

More U.S. companies are adopting pay and hiring freezes to lower labor costs during what is likely to be a prolonged recession rather than relying on further payroll reductions, a private survey found.

The share of companies planning staff cuts fell to 13% this month from 23% in December, said workforce consulting firm Watson Wyatt Worldwide Inc.

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