Apple, based in Cupertino, Calif., has been struggling against stubborn financial losses, disappointing sales and eroding market share. Apple, he announced, is eliminating cash bonuses for executives, replacing them with stock options. The company also is reducing severance pay to one week of salary for every year worked at Apple from one month of pay for every year worked. Employees still get a 60-day notice with full pay and benefits. In addition, Apple is now requiring all employees to fly coach on trips shorter than 10 hours and business class for longer trips.
Employees can pay for their own upgrades or use mileage awards.
The company, starting in October, is eliminating sabbaticals, a perk it adopted early on and a popular benefit with employees. Jobs, who co-founded Apple with pal Steve Wozniak in 1976, left the company in 1985. But he returned last December as an adviser when Apple bought Next Software Inc., the company he founded after leaving Apple. E.W. Scripps Publications , All Rights Reserved. Site users are subject to our User Agreement .