Unisys Corporation Cuts 1,300 Jobs, Suspends 401(k) Match

Cutting the match will save the company about $50 million annually

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Unisys Corporation is the latest company to ax jobs and retirement benefits. The company announced Monday that it will eliminate approximately 1,300 positions worldwide and consolidate facilities.

The information-technology services firm will also suspend company matching contributions to the U.S. 401(k) plan. Cutting the match will save the company about $50 million annually, the company said.

The Blue Bell, Pa.-based company plans to forgo 2009 salary increases for most employees as well. All the cost cutting measures led by new Unisys Chairman and CEO Ed Coleman are expected to save more than $225 million.