Cisco Systems, Inc. (CSCO) has implemented a voluntary early retirement program in an attempt to cut back costs, reports Networkworld.com. The program is intended for a group of U.S. and Canadian personnel at least 50 years old that have a combined age plus years of service with Cisco totaling a minimum of 60, as of July 8, 2011. Eligible employees have from May 10 to June 24 to accept it.
[From NW]: “Cisco employs a variety of different methods to control costs and align investment dollars, and offering this voluntary early retirement program to those eligible employees in the US and Canada is part of our ongoing commitment to responsible business management,” Cisco spokesperson Karen Tillman, stated in an emailed response to Network World.
Tillman did not specify what Cisco’s targets are for cost or workforce reduction through the Enhanced Early Retirement (EER) program, NW said.
CSCO shares gained 10 cents, or less than 1 percent, to $17.30 at 1:11 pm E.T. in Nasdaq composite trading.