NEW YORK (CNNMoney.com) -- In another sign that the recession is hurting the technology sector, Internet search engine Yahoo Inc. said Thursday that it will forgo annual salary increases this year as part of a cost-cutting plan."Based on the current economic environment and our focus on keeping costs in line with revenues, we have decided that providing annual salary increases would not be in the best interests of the company or our shareholders," Yahoo said in a statement.
The company said the decision is consistent with its broader focus on strategically reducing costs, which has been underway "for some time now."
Salary increases may still occur in certain situations, such as in connection with a promotion, according to a company spokesperson.
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