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Universal Scientific Industrial (USI) is reported to have laid off 10% of its employees, according to a Chinese-language Commercial Times report. The company will also begin to reduce executive salaries as well as mandating involuntary unpaid days off starting next year.
USI pointed out that the layoffs are mainly at its production site in China but was unwilling to reveal the actual number of people let go, said the paper. The company revealed that executive salary reductions will up as high as 30%, added the paper.
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