HP to reduce Base Pay???????

Thursday, February 19, 2009

Today, HP announced first quarter results amid one of most difficult economic downturns that any of us has ever faced.They have decided to further variablize thier cost structure by reducing base pay and some benefits across HP. My base pay will be reduced by 20 percent. The base pay of Executive Council members will be reduced by 15 percent. The base pay of other executives will be reduced by 10 percent. The base pay of all other exempt employees will be reduced by 5 percent. For non-exempt employees, base pay will be reduced by two-and-a-half percent. Additional efficiencies, including changes to the US 401(k) plan and the share ownership plan, will also be implemented. Of course, the implementation of all of these actions is subject to compliance with local laws and regulations. Follow-up communications will detail the timing and the plans in your location. They said they increase the pay if they do the outstanding performance in the future.

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