As part of the company’s wide-ranging cost-cutting efforts, Apple Computer Inc will freeze all workers’ pay indefinitely, with effect from Saturday a week ago, July 3, and has cut pay by 5% for all positions of vice-president and above, the San Jose Mercury News reported, quoting a letter sent by chief executive Michael Spindler to all the company’s employees. Apple announced on Tuesday that it would lay off 2,500 employees, with most of them to leave this month, as part of a restructuring made necessary by the continuing price wars and relentless competition in the personal computer industry.
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