Motorola, the long embattled electonics manufacturer has announce several cost cutting measures including freezing their pension plan and no longer matching their 401K contributions. Motorola has stated they will continue to fund pensions plans as required, but new employees will not be eligible, a policy going all the way back to January 2005.
The companies 2 co ceo’s will voluntarily take a 25% pay cut. As well as forgo most if not all of their 2008 bonus.
These new measures are in addition to the $800 million in reductions that were announced on Oct. 30, 2008.
Editors Note: Sure, first thing to go is the Penion and 401K while executives will continue to live the fat life. Why not reduce the pay of the top 10 or 15 managers and cutting perks that they could live without.
