Cisco to Offer Severance Inducement

Cisco Systems Inc. said it will offer as much as six months of severance pay as part of its plans to reduce its full-time work force by as many as 5,000 people. The largest maker of equipment to link computers said employees will receive two months of pay and benefits and, in return for signing a severance agreement, four more months, according to a memo to employees. The company also said it would discontinue “less profitable” products but didn’t name them. Cisco closed up 58 cents at $17.98 on Nasdaq.