Boston Scientific said Thursday that it’s cutting wages for many of its roughly 36,000 global employees by 20% for the next 90 days because the postponement of elective surgeries during the coronavirus pandemic has decreased revenue.
The Marlborough, Mass., medical device maker also plans to make deeper cuts to the base salaries of its chief executive, Mike Mahoney, and those of its board of directors and executive committee. Boston Scientific predicted that the impact of Covid-19 will be worse in the second quarter.
Starting in a couple of weeks, Boston Scientific plans to put most of its full-time U.S. workers who aren’t involved in sales or manufacturing on a four-day work week for 90 days, with a corresponding reduction in base salary. Hours for part-time employees will be maintained at a level to preserve benefits.
