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Hewlett-Packard asks for pay cuts

Published on .

Palo Alto, Calif.--Underscoring the slowdown in technology software and hardware spending, Hewlett-Packard Co. has offered 45,000 employees or half of its work force the option of accepting a 10% pay cut for eight additional vacation days or a 5% pay cut for four additional days. The program is not mandatory. It runs through Oct. 31, the end of HP's fiscal year. HP's move follows those of companies such as Sun Microsystems Inc. and Adobe Systems Inc., which have called on employees to take vacations during scheduled summer shutdowns as demand for computers, software, servers and peripherals have collapsed amid the economic downturn.
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