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

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

 user 2009-03-17 at 11:08:53 am Views: 67
  • #21857

    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.