IBM Implements Transition Program
White Plains, N.Y. -- February 15, 1993 -- IBM US (NYSE: IBM) is implementing a series of actions designed to balance its resources to be more competitive and efficient. As previously announced, the actions will include a workforce reduction program.
The voluntary transition program entitled, the US Marketing & Services Transition Payment Program (MSTP), is intended to balance resource levels and skill requirements with the needs of the business.
Highlights of the package include:
-- a salary separation incentive of up to one year, based on service.
-- company paid medical coverage provided for 12 months after leaving the company.
-- a "bridge-to-retirement" provision.
-- career transition service offerings by Drake Beam Morin, Inc., designed to provide employees with transition assistance to new careers and/or retirement.
-- up to $2500 retraining assistance reimbursement.
Certain individuals and groups with critical skills may be determined ineligible for participation. For those who are eligible, the final departure date is set for June 30, 1993.
While it is anticipated that some of the resource reductions will be resolved voluntarily, involuntary reductions may occur in some geographic and business areas.
CONTACT: Marcy Holle of IBM US media relations, 914-642-4644
Copyright 1993 PR Newswire Association, Inc.