EASTMAN CHEMICAL COMPANY IS LOOKING AT WAYS TO REDUCE EXPENSES DURING THIS GLOBAL RECESSION. THE CHEMICAL GIANT SAYS IT MAY RESTORE EMPLOYEE PAY TO 2008 LEVELS AFTER CUTTING EMPLOYEES PAY BY FIVE PERCENT. EASTMAN ANNOUNCED LAST DECEMBER IT WOULD CUT OVER 100 MILLION DOLLARS IN EXPENSES INCLUDING LABOR RELATED COSTS. BUT MORE CUTS WERE ANNOUNCED IN MARCH OF THIS YEAR AS WELL AS THE ELIMINATION OF 300 POSITIONS. EASTMAN POSTED BETTER-THAN-EXPECTED EARNINGS LAST WEEK. COMPANY PRESIDENT AND CEO JIM ROGERS SAYS THE INCREASES IN EMPLOYEE PAY COULD BE EFFECTIVE BY THE END OF THE YEAR.