SiliconBeat

Cypress Semiconductor will be cutting pay of “all applicable employees, including executive officers” on a sliding scale, at the beginning of its next fiscal quarter. In connection with the plan, executives will have their base salary reduced between 9 percent and 11 percent, the San Jose chip maker said in a filing today.

In the same filing, the company also reported that, after evaluating the company’s financial performance and each executive’s performance in relation to “various strategic, operational and financial goals established for each” at the beginning of the year, the compensation committee of Cypress’s board of directors decided to award no bonus payments to those executives for 2008.

Wow, what a concept. Setting up performance goals, evaluating the results at year’s end, and paying out accordingly, even when the figure is zero.  Responsible behavior like that lends authenticity to the word “perform” found as part of the company’s logo.

The company announced earlier this week that it would be eliminating an additional 230 employees, in addition to 240 employees still working who were part of the 585 positions the company said last year it would eliminate, according to the company’s annual financial filing with the SEC.