Sprint Nextel Corp. announced the elimination of approximately 8,000 positions today. But even the employees who manage to keep their jobs won’t be unscathed. The third-largest wireless provider in the country will suspend its employee 401(k) match for 2009, extend a 2008 salary freeze through 2009, and ax its tuition reimbursement program for this year.
Home Depot, which will also downsize 7,000 jobs, however, will still contribute to the retirement plans of employees who make the cut. Although the home improvement retailer is initiating a salary freeze among all officers, it will continue to offer merit increases to non-officer associates. Earned bonuses and the existing 401(k) match will continue to be provided to all associates, including officers.
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G. R. Abrams of CA 5:40AM January 28, 2009