Principal Financial cuts worker pay - KWWL - Eastern Iowa Breaking News, Weather, Closings

Principal Financial cuts worker pay

Posted:

DES MOINES (AP) - Principal Financial Group Inc. says it's cutting pay for workers, management and its board of directors and taking other steps to control costs.

The Des Moines-based insurance, retirement and financial services company says pay cuts range from 2 percent to 10 percent depending on pay level.

Spokeswoman Susan Houser says the company also is leaving vacant positions unfilled and suspending several corporate amenities including tuition reimbursement, anniversary gifts and employee recognition programs.

The actions should help offset decreased revenue caused by the declining stock markets.

Principal reported last month a loss of $7.5 million for the fourth quarter, hurt primarily by investment and loan losses of nearly $189 million.

Online Producer: Jason Mortvedt

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