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EARLY RETIREMENT WINDOWS OFFERED BY NEARLY 40 PERCENT OF LARGE COMPANIES IN PAST TWO YEARS

 EARLY RETIREMENT WINDOWS OFFERED BY NEARLY 40 PERCENT
 OF LARGE COMPANIES IN PAST TWO YEARS
 WASHINGTON, Aug. 17 /PRNewswire/ -- Nearly 40 percent of the nation's largest companies offered early retirement windows to employees in 1990 or 1991, according to a new survey by The Wyatt Company.
 Fourteen of 50 major U.S. companies surveyed (28 percent) offered a window in 1991, and seven of those 14 did so in 1990 as well. The total number of firms offering early retirement incentives over the two-year period was 19 (38 percent).
 Looking back further, a full 38 of the 50 companies (76 percent) offered at least one early retirement window during the last 10 years, and 28 (56 percent) offered more than one.
 Most early retirement windows in 1991 appear to have achieved the desired staff reductions. Of the 13 companies that responded concerning the goal of their 1991 windows, 10 reported that the number of employees accepting early retirement met the company's objectives.
 "Early retirement windows have become an important tool for helping companies reach their workforce reduction goals," said Wyatt consultant Vicky Slomiany.
 "Their popularity is due to the fact that they balance employer and employee needs," said Slomiany. "It's a cooperative way of reducing the workforce."
 Of the 38 companies that offered early retirement windows in the past decade, six (16 percent) used a cash incentive to attract takers for their most recent window, 20 (52 percent) used a pension incentive, and 12 (32 percent) used both a cash and pension incentive.
 Thirty-one of the 38 companies (82 percent) reported a window period of from one to three months for their most recent early retirement offer. In most cases, eligibility for the window depended on satisfying an age and/or service requirement.
 The minimum age requirement was 55 for 13 companies (34 percent), and the minimum service requirement was 10 years for 15 companies (39 percent).
 The survey sample included most of the top 50 industrials as ranked by Fortune. For more information, contact Vicky Slomiany at 612-921-8704, or write The Wyatt Company, 8400 Normandale Lake Blvd., 15th Floor, Bloomington, Minn. 55437.
 The Wyatt Company is an international consulting firm specializing in the areas of human resources, financial management and systems. The firm has 3,400 employees and offices in 69 cities worldwide.
 -0- 8/17/92
 /CONTACT: Vicky Slomiany, 612-921-8704, or Liz Leffel, 612-921-8723, both of The Wyatt Company/ CO: The Wyatt Company ST: Minnesota IN: SU:


AL -- MN012 -- 0625 08/17/92 15:40 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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