By : ROSARIO FAJARDO - Caribbean Business Online
Hewlett Packard Puerto Rico confirmed Tuesday that employees’ base salaries and benefits have been reduced as part of the global company’s efforts to improve its financial flexibility.
During a recent earnings conference call, HP announced it would reduce employee compensation and benefits to increase flexibility in the company’s cost structure, said Cynthia Romero, of Hill & Knowlton, in a statement to CARIBBEAN BUSINESS.
The changes to HP’s compensation program are: reduction of CEO’s base pay by 20%; Executive Council members’ base pay by 15%; and executives’ base pay by 10%. Meanwhile, other employees will see their base pay cut by 5% or 2.5%.
In addition, HP will cap its matching contributions under the HP 401(k) Plan at a maximum of 4 percent of eligible employee contributions for all U.S. employees, and matching contributions will be discretionary based on company performance, determined on a quarterly basis.
Participants in the HP Share Ownership Program will no longer be able to purchase HP shares at a discount to fair market value, Romero said.
“While the actions that we are taking today are difficult, we believe they will allow us to emerge from this recession in a powerful position to create value for our customers, employees and shareholders over the long term and be in a better position to fund 2009 bonus programs,” she said.
HP’s facilities in Aguadilla employ about 900 people. Three years ago HP announced its first wave of layoffs in Puerto Rico, with the loss of 600 jobs. In recent months another 200 workers have been laid off.
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