Chip co DSPG cuts salaries

Employees earning up to NIS 20,000 a month will not be affected.

DSP Group Inc. (Nasdaq: DSPG) chairman Eli Ayalon yesterday notified employees that the Herzliya-based chipset developer would make a progressive salary cut.

Employees earning up to NIS 20,000 a month will not be affected, salaries of NIS 20,000-30,000 will be cut by 5%, and salaries of more than NIS 30,000 will be cut by 10%. Ayalon added that no layoffs were planned.

DSP Group's share closed at $6.20 yesterday, giving a market cap of $141 million.

Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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