(Bloomberg) -- Apple Inc. is delaying bonuses for some corporate divisions and expanding a cost-cutting effort, joining Silicon Valley peers in trying to streamline operations during uncertain times, according to people with knowledge of the situation.

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The shift will reduce the frequency of bonuses for a portion of Apple’s corporate workforce, said the people, who asked not to be identified because the plan hasn’t been announced publicly. Separately, the company is limiting hiring for more jobs and leaving additional positions open when employees depart.

In the past, Apple typically doled out bonuses and promotions once or twice per year depending on the division. The twice-a-year teams usually saw that happen in April and October. Under the new plan, that group won’t see bonuses or promotions next month, and all divisions will move to an annual schedule — with the payments occurring only in October.

The majority of Apple’s divisions had already moved to a once-a-year schedule for bonuses and promotions, including software engineering and services, but staff in operations, corporate retail and other groups had still been on the outgoing biannual plan.

Apple, the world’s most valuable company, began a belt-tightening effort last July, when galloping inflation and recession fears spurred it to take a more cautious stance. The iPhone maker has avoided the kind of mass layoffs underway at most of its tech peers, but it has reduced budgets, cut headcount goals and paused hiring across several divisions.

Apple shares pared their gains after Bloomberg reported the news on Tuesday, slipping to a session low. The stock was up about 0.3% at $150.96 as of 1:48 p.m. in New York.