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Global Crossing Asks Employees to Leave
February 22, 2002
By Thor Olavsrud
Bankrupt international voice and data carrier Global
Crossing Ltd., currently under intense scrutiny by
the Securities and Exchange Commission for possible accounting improprieties, said Friday it is offering employees an incentives
program to voluntarily leave the company's payroll.
Global Crossing said the program is part of an overall expense reduction effort. Accepted applicants to the program will receive a
cash payment based on salary grade and length of service, as well as a period of continued benefits.
Employees will be able to apply for the program between Feb. 22 and Feb. 27. The company said employees considered essential to its
operation are not eligible, nor are employees who have already submitted resignations, contract employees, or those who have already
received separation notices.
The company has not yet determined how many employees it will accept into the program, noting that the number will be determined by
the needs of individual groups within the company and the effect of other expense reduction programs.
Global Crossing said it will inform accepted applicants on March 4 and March 5. The last day of employment for the selected
employees will be March 8.
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