SEATTLE -

Boeing officials say overtime pay for salaried employees will be severely limited starting next month in another move to cut costs.

The Seattle Times reports Boeing told managers about the new policy in a memo Tuesday.

The memo cites Boeing's highly competitive market and says the company will discontinue paid overtime for U.S.-based salaried employees except in the case of preapproved critically needed work.

The policy goes into effect Oct. 14.

Boeing has cut just shy of 4,000 jobs in Washington state this year.

The company has also reduced business travel, purchases of advertising and supplier costs.