Analysis equipment and semiconductor company Agilent Technologies is to restore full pay to its entire workforce on 1 August, after imposing wage cuts over a year ago.
The decision covers 37,000 employees worldwide including some 2,300 UK staff who have been working for up to 10 per cent less than contracted for.
According to Agilent, the decision is to reward employees for staying with the company despite the cuts.
"For over a year, they have worked hard, and we recognise the sacrifices they are making," said spokeswoman Michele Drake.
Agilent imposed the 10 per cent pay cut on all its employees on 5 April, 2001. The move, along with a round of job cuts, was a response to falling orders and the economic downturn.
Over the period of the pay cuts, Agilent laid off 8,000 people. In a move to return employees' pay to pre-cut levels, Agilent restored five per cent to non-managers in February 2002.
The return to full wages will cost the company $20m per quarter before tax. The increased expense comes before Agilent has returned to profitability, although it maintains that this will happen during the fourth quarter this year.
Agilent lost $112m in its second quarter ended 30 April. The company said it saw orders rise slightly in the first and second quarters, after five quarters of declining orders.
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