Procter & Gamble Says It Will Cut Worldwide Employment : Jobs: But it dismisses as speculation a report that as many as 10,000 workers could be laid off. Buyouts will be offered.

Procter & Gamble Co. said Thursday that it expects to reduce its worldwide employment of 106,000, but it dismissed as speculation a news report that the cuts could total 10,000 jobs.

P&G; said it has not finished a review it began in December to identify ways of reducing costs and eliminating duplication.

The Wall Street Journal reported Thursday that P&G; is ready to begin a cost-cutting program that could reduce its global work force by up to 10%.

“It’s a speculative number. We don’t have that number yet,” said Sydney McHugh, a spokeswoman at the Cincinnati-based consumer products company. “We expect eventually to evolve into a leaner and more efficient organization.”

The Journal said P&G; will offer voluntary separation packages and early retirement to hundreds of salaried employees, including managers in sales, market research and other departments.

Edwin Artzt, P&G;’s chairman and chief executive, said in December that the company would review its work processes and organization.

McHugh declined to say when the review will be completed.

She would not say what the company plans to tell employees in a scheduled communication due by late July.

P&G; has said it wants to reduce expenses to 12% of sales, from 14.5%, during the next three years. Based on global sales of $29.36 billion for the fiscal year ended June 30, 1992, that means cutting costs nearly $750 million, the Journal reported.

P&G;’s net earnings for fiscal 1992 were $1.9 billion, up 6% from the year before.