TECHNOLOGY - April 6, 1993
From Times Staff and Wire Reports
IBM To Scale Back Severance Payments: International Business Machines Corp. said it plans to reduce payments to employees who leave the company. The move is designed to cut the cost of incentive programs encouraging voluntary departures, as well as the cost of future layoffs. Under the change, which starts July 1, departing workers will be awarded a maximum of 26 weeks’ pay and as much as six months of paid medical coverage, depending on experience. The company now offers as much as a year’s pay and 18 months of medical coverage.
