HP CUTS WAGES AT E.D.S. UNIT BY 10%

[Anonymous]

http://www.vnunet.com/vnunet/news/2238566/hp-cuts-eds-staff-wages
HP cuts wages at EDS unit by 10 per cent
Employees face additional cuts to those announced in February
HP
is to cut wages at its EDS unit by a further 10 per cent, on top of the
company-wide reductions announced in February.HP said that the move
will affect employees based in the US and Puerto Rico. It promised that
the cuts will be “temporary” and that employees below an annual income
of $40,000 (£28,000) will not be affected.”In May, base salaries for US
and Puerto Rico employees in the EDS business unit will be reinstated
at the levels of base pay prior to this temporary base salary
reduction,” said the company in a statement.

The initial
February cuts in pay and benefits came after a disappointing first
quarter for HP, although the EDS division had seen growth and
outperformed other areas.HP chief executive Mark Hurd reduced his own
pay by 20 per cent, executive council members’ pay by 15 per cent and
exempt employees’ pay by five per cent.

[Author]

March 17, 2009 at 11:09 AM