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Apple Puts Bonuses On Hold As Sales Slip

They are one of the richest, if not the richest, tech Companies out there, and they have billions stashed in savings, but this has not stopped Apple moving to delay bonuses for employers in an effort to cut costs.

Apple iPhone sales are falling and demand for an Apple Mac is waning. This is creating concern at Apple.

As a result, the frequency of bonuses for Apple’s corporate workforce is set to be delayed. The business is also limiting hiring for more jobs and leaving positions open when employees depart.

ChannelNews understands that the Australian operation is affected by the move.

In the past, Apple paid out their bonuses and promotions once or twice a year. This year it’s not sure when or if bonuses will be paid, as the business recovers from manufacturing problems.

The next one was tipped to be in April.

Apple, the world’s most valuable Company, began a belt-tightening effort last July, when it is reported galloping inflation and recession fears spurred it to take a more cautious stance.

Workers often count on bonuses for their personal budgeting.

During Apple’s shareholder meeting last week, CEO Tim Cook said the Company continues to be especially careful with money.

“We’re being very prudent and thoughtful on spending, and we continue to be very deliberate when it comes to hiring,” he told shareholders. Operating expenses during the holiday quarter came in below guidance and grew more slowly than in the past, Cook noted. Still, he added, “Apple continues to “invest in innovation.”

As part of this more cautious approach to spending, Apple has reined in travel budgets and is now requiring senior vice president approval – the highest executive level at the company below the CEO and operating chief – for more budget items. It also has laid off some contract workers across the company.

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