Meredith Offers Employees Early Retirement to Cut Expenses
Meredith Corp., is offering early retirement to 170 employees in its magazine and television broadcasting divisions to offset revenue declines. But additional layoffs may still occur.
The Des Moines, Iowa, company said is will offer a one-time, special voluntary early-retirement program to full-time employees who will be 55 years old or older and will have completed 10 or more continuous years of service by June 30.
The program is designed to reduce the number of employees and lower operating expenses, said a company statement.
In spite of the early retirement plan, layoffs are not out of the question said William T. Kerr, CEO. “The level of acceptance of this program will influence our next steps to some degree, but we anticipate additional selective work force reductions through attrition, realignments and job eliminations, all with an eye toward continuous improvement,” he said, in a statement.
Employees have until June 15 to decide about the early retirement program.
