Principal Financial cuts pay for 23% of global workforce due to COVID-19 impact

June 3, 2020 by Donnelle Eller

Paychecks for nearly a quarter of Principal Financial Group’s employees will be smaller, the giant Des Moines-based investment and retirement services company said Tuesday.

Principal said it’s cutting salaries for 23% of its global workforce to “mitigate and manage” the economic and market fallout from COVID-19. Principal employs about 18,000 people worldwide and 6,500 in Iowa.

Principal said the pay reductions range from 7.5% to 25%, depending on the employee’s role. It didn’t immediately indicate how long the reductions would last.

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Originally Posted at The Des Moines Register on May 26, 2020 by Donnelle Eller.