Baker Hughes is said to be cutting its pay for US workers by 5% in a bid to reduce costs and lessen the need for additional job reductions.
The pay cuts have been described as temporary and will stretch from September 11th through to the end of the year.
In exchange for the pay cut staff will get holidays four additional holiday days.
According to the Houston Chronicle, which had access to an internal memo, the furlough program has been designed to help Baker Hughes reduce the need for additional layoffs as well as achieve cost savings needed to help enable profit growth.
However, some top executives and other global operation staff have been excluded from the pay cuts.
A spokeswoman for the company said:“These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”