Apple Inc (NASDAQ:AAPL) is delaying bonuses for some corporate divisions and adopting additional cost-cutting measures in a bid to streamline its operations as market conditions for the tech sector remain challenging, according to a Bloomberg report citing sources with knowledge of the matter.
The frequency of bonuses for a portion of Apple’s corporate workforce will be reduced from twice a year to annually, with payments occurring only in October, the sources told Bloomberg.
Previously, Apple handed out bonuses and promotions one or two times per year, depending on the division.
Employees will still receive their full bonuses but in one installment rather than two.
Separately, the company is limiting hiring and leaving positions vacant when employees depart, per the report.
These moves are the latest in a series of cost-cutting measures being adopted by Apple, which has also recently reined in its travel budgets and laid off some contract workers across the company.
Apple CEO Tim Cook is also taking a 40% pay cut to US$49 million in 2023, the company announced in January.
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