In a move intended to cut costs and prepare for lessened demand for their products, Caterpillar will cut executive pay up to 50% and non-executive pay up to 15%. Buyouts will also be offered to their 25,000 employees worldwide. Many businesses and state and local governments are exploring top to bottom pay restructuring in order to save jobs in the long run.
See "Caterpillar to cut white-collar pay up to 50%, offer buyouts", Sue Kirchoff and Del Jones, USA Today, December 22, 2008