The company decided on pay cuts due to poor performance.
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Slightly archaic — 俸 (fèng) is specifically an official's salary or stipend (俸禄), so 减俸 carries imperial-bureaucracy flavor. Modern equivalent for a regular employee is 减薪 (jiǎnxīn) or 降薪 (jiàngxīn). Antonym: 加俸 (jiāfèng, 'raise the stipend').
