Thursday, 18 December 2008

Motorola freezes pensions and salaries to cut costs

Motorola is permanently freezing its US pension plans from March 2009 to cut costs, which means existing benefits will be preserved but there'll be no future benefits accrued from that date. It's also said many employees won't receive a salary increase in 2009, with co-CEOs Greg Brown and Sanjay Jha taking a 25% salary cut. [Press release]

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