Lucent Technologies Inc. said it will offer early retirement to 10,000 U.S.-based employees in an effort to accelerate its restructuring.
The struggling telecommunications giant expects a "significant" number to accept the plan, which will be offered to some managers and nonunion clerical workers. Senior executives are not eligible.
In an e-mail sent to employees, Lucent said it will add five years of service and five years of age in determining the value of an employee's pension.
Shares of Murray Hill, N.J.-based Lucent closed unchanged at $8.49 on the New York Stock Exchange.