Newsweek Offers Golden Handshake to 10% of Staff

Newsweek magazine is offering early retirement to 10% of its work force because of higher costs and a shrinking advertisement base, a spokesman said today.

“The program is entirely voluntary,” said spokesman Gary Gerard, and it includes pension enhancement and continuation of some insurance benefits. He said 100 employees--those with 25 years or more of service or those age 55 and older with 10 years at Newsweek--got letters detailing the offer.