The board of directors of New Haven, Connecticut-based Southern New England Telecommunications Corp has approved a management voluntary redundancy package providing pensions and one-time payments for managers that leave by October 18; the company is to take a one-time charge against second quarter earnings of $0.33 per share, representing $36m of combined costs associated with a redundancy offer made earlier this year to other employees as well as those estimated for the current offer; the company claims that wage savings will accrue in the fourth quarter, and it anticipates that both offers will result in the loss of 1,000 staff; however, New England Telecom looks to be sailing close to the wind; the pretax charge of $36m is dangerously close last year’s net of $36.7m on turnover of $403.8m.
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