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ImageAfter missing its quarterly targets, Hewlett-Packard announced that it would slash employee compensation and benefits across globe. The company in an internal email said that the move will save up to 20,000 jobs.

Under the new plan, company's CEO and President Mark Hurd will cut his own salary by 20 per cent, while executive council members will get a 15 per cent cut. Executives will see their salaries drop by 10 per cent, while lower-level employees will receive cuts of five and two and a half per cent.

Last week, the company said that it will cut the base salaries of some employees in its EDS business by 10 per cent for the month of April. A company spokeswoman said in a statement via email that the move is a "temporary cost action to keep the organization strong while increasing financial flexibility."

The company had earlier announced that 25,000 jobs would be lost as it integrates recently-acquired EDS.
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