HP implements pay cuts across the board
IT Market leader Hewlett-Packard (HP) has implemented pay cuts across the board in order to increase flexibility in its cost structure, with CEO Mark Hurd taking a 20% pay cut and the majority of workers taking a 10% pay cuts.
Across HP, executive council members will see their base pay cut by 15%, while other executives’ pay will be cut by 10%. HP also intends to cap its matching contributions at a maximum of 4% of eligible employee contributions for all US employees and matching contributions will be discretionary based on company performance, determined on a quarterly basis.
Participants in the HP share ownership programme will no longer be able to purchase HP shares at a discount to fair market value.
This entry was posted on Thursday, February 19th, 2009 at 2:21 pm and is filed under General News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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