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July 23, 1991

HEWLETT-PACKARD IS HOPING TO SHED UP TO 2,000 JOBS

By CBR Staff Writer

Hewlett-Packard Co is hoping to get rid of 1,500 to 2,000 more US employees by October with an enhanced early-retirement program throughout the US company and voluntary redundancy incentives to employees in some job categories at some US sites. Both programmes are voluntary. Enhanced early-retirement will be av ailable to US employees aged 55 or more with at least 15 years of service to the company – about 2,400 are eligible and parti cipants will leave by October 15, with half a month’s pay for each year of service to a maximum of 12 months’ pay. They will also get the benefits they have accumulated under the company’s retirement plans. A total of 10,000 people within specific job categories at several locations are eligible to apply for volun tary redundancy, and those that accept will get six months’ pay plus half a month’s pay for each year of service to a maximum of 12 months’ pay – but no more than 2,000 offers will be accepted. The company expects to have to take a charge of 15 cents to 20 cents a share with its fiscal fourth quarter figures to cover the costs. It will also close most US and some foreign operations for the Christmas week, December 23 to 27; Test & Measurement employees must take three days’ unpaid leave next quarter.

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