Members of the executive board will see their salaries reduced by 50 percent, and cash compensation for non-executive directors will also be reduced by 50 percent.
As companies revise their financial outlooks for the coming year and cut costs, many are turning to temporary employee pay cuts as an alternative to layoffs. And the insurance industry is not immune: leading insurance and benefits provider Aon cut salaries for some 70 percent of its 50,000 workers by nearly 20 percent, effective May 1.
"Our value to clients stems fully from the collective capabilities of our colleagues," CEO Greg Case wrote in a 27 letter, in which he vowed that "no one at Aon is going to lose their job because of this COVID-19 outbreak."
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
