Hewlett-Packard Co, Palo Alto is hoping to lose between 800 and 1,000 US employees in an early retirement programme being offered to 2,400 long-service employees. It is on offer to employees that are at least 55 years old and who have 15 or more years of service with the company. It shed 780 of its staff in a similar programme in 1986. Those that accept this time will get half a month’s salary for each year of service to a maximum of 12 months’ salary and funds accumulated in their accounts under the company’s regular retirement plans. The programme is needed, Hewlett says, because of manufacturing efficiencies and widely differing growth rates among product lines.
