Business Brief for December 7, 2005

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Wednesday, December 7, 2005

These are short blurbs about current events in the business world.

Verizon overhauling employee pension plans

Verizon logo

Verizon announced Monday that it will stop making contributions to the pension plans of non-union managers and will instead offer 401(k) plans starting in 2006. The plan is intended to cut labor costs and will effect 50,000 management employees. Verizon hopes the change will save $3 billion over the next 10 years.


Microsoft plans to invest $1.7 billion in India

Microsoft logo

Microsoft plans to invest $1.7 billion in India over four years, nearly doubling the company's workforce in the country bringing the total employee count to nearly 7,000. Most of the money will be invested on its existing R&D center, its global software delivery unit, and opening retail outlets more rural areas. Microsoft also plans to release an edition of the Windows operating system specifically for India.