Motorola announced new cost-saving measures today, but not more layoffs.
The troubled company said it will temporarily suspend all matching contributions to employee’s 401(k) plans and will permanently freeze U.S. pension plans, the latter not affecting vested benefits. There will also be a freeze on most 2009 salary increases.
In addition, co-CEOs Greg Brown and Sanjay Jha will voluntarily take 25% salary decreases for 2009. Brown will also voluntarily forgo his bonuses, while Jha voluntarily reduces his guaranteed bonus by the same amount that Brown forgoes his.
Motorola did not state how much it hopes to save with the changes, but plans to announce more details in its next earnings call, which is not until late January.
In addition to layoffs this fall, the company also cut its staff in 2007.