Washington-Based Company Cutting Salaries

By: Michael Baldwin
By: Michael Baldwin

The current economic crisis has forced another company here in Eastern Carolina to chop the wages of its salaried employees.

National Spinning Company, which is based in Washington, says it will be slashing salaried employees pay by 5% starting in January.

Those employees will also have to take a week's vacation with no pay between now and the end of the year.

This will affect nearly 250 employees at National locations across the state.

CEO James Chestnutt tells WITN News that they have no plans to reduce their workforce. He says despite the cuts the financial health of National Spinning remains sound.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Jen Location: Choco on Nov 25, 2008 at 11:47 AM
    This is a good alternative to laying some employees off and keeping others. I'm sure no one is happy about a pay decrease, but it beats being in the unemployment line.
  • by Anonymous on Nov 25, 2008 at 09:03 AM
    While it might not be a popular decision, it is nice to see a company thinking of all its employees. This could've been a 100% decrease for many of their workers.
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