COLUMBUS, Ga. (WRBL) – Global Payments announced to its employees on Monday morning that it is cutting all salaries by 10 percent due to economic crisis amid the coronavirus pandemic.

This includes the Global Payments subsidiary TSYS, a Columbus-based operation. 

Additionally, Global Payments CEO Jeff Sloan has chosen to voluntarily forgo his entire base salary and bonuses for the rest of the year.

“As we continue to assess the ongoing impact of COVID-19, it is imperative that we proactively take actions to protect our businesses, safeguard the long-term financial stability of our company and minimize disruption of our exceptional team member base. By taking these measures now, we can best ensure ongoing success for our business and our 24,000 team members globally as the economy recovers,” the company said in a statement.

The company’s Executive Leadership Team will also voluntarily take a 50 percent salary reduction and forgo 100 percent of bonuses for the rest of 2020. The Board of Directors will waive all of their cash retainers for 2020.

In the United States and other countries that allow it, Global Payments says salaried employees will take a 10 percent base salary reduction for the rest of 2020.