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These measures include the continuation of previously announced reduced work hours, cutting expenses and discretionary spending in all areas, reassigning employees under the Company's Guaranteed Employment policy, canceling merit raises, instituting a base salary reduction for its executive management (with overall compensation expected to be reduced by as much as 45%), suspending the Company's 401(k) match and offering a voluntary separation incentive program to its Cleveland-based employees.
The numbers are somewhat surprising in that we have separated many senior civilian employees through voluntary separation incentive programs as we have restructured our workforce for maximum efficiency.
To limit the impact on MTMC employees, outplacement efforts included Department of Defense Priority Placement Program and the Voluntary Separation Incentive Program.
65 per share associated with the Company's Voluntary Retirement Incentive Program and Voluntary Separation Incentive Program.
PHILADELPHIA, April 14 /PRNewswire/ -- PECO Energy Company's (NYSE: PE) Board of Directors yesterday approved financial incentives that will permit eligible employees to participate in either a Voluntary Retirement Incentive Program or a Voluntary Separation Incentive Program.
March 9 /PRNewswire/ -- GTE West Area President Larry Sparrow today said GTE California will offer an enhanced early retirement program (EERP) or a voluntary separation incentive program (VSIP) to about 5,328 eligible management and hourly employees.