A slow travel market, weakening economy and disappointing fourth quarter officials say are prompting Tulsa-based Dollar Thrifty Automotive Group Inc. to make major salary and benefit cuts, Tulsa World reports.

In its third retrenchment of the past year, the rental car company is suspending its matching contributions to employees’ 401(k) retirement plans. It is also suspending merit pay increases for executives and enacting 21 percent salary cuts for executives at the vice president level and above.

Employees were notified of the cuts during the past week in a memo from President and CEO Gary Paxton.

Dollar Thrifty employs 8,500 people worldwide.

After outlining the salary and benefit cuts, Paxton said company executives will present a plan to the board of directors that will reinstate pay and benefits if the company meets specified earnings targets.

According to Tulsa World, Dollar Thrifty shares recently closed at $20.73, up 23 cents for the day.