Aon headquarters building Membersof the executive board will see their salaries reduced by 50percent, and cash compensation for non-executive directors willalso be reduced by 50 percent.

As companies revise their financial outlooks for the coming yearand cut costs, many are turning to temporary employee pay cuts asan alternative to layoffs. And the insurance industry is notimmune: leading insurance and benefits provider Aon cut salariesfor some 70 percent of its 50,000 workers by nearly 20 percent,effective May 1.

"Our value to clients stems fully from the collectivecapabilities of our colleagues," CEO Greg Case wrote in a 27letter, in which he vowed that "no one at Aon is going to losetheir 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.