Cisco came up with 'voluntary retirement' plan as a move to cut costs and restructure the company. The new plan will be applicable to employees who are at least 50 years old and have a combined age and years of service at Cisco for at least 60 as of Jul 8.
"Cisco employs a variety of different methods to control costs and align investment dollars, and offering this voluntary early retirement program to those eligible employees in the US and Canada is part of our ongoing commitment to responsible business management," the company said in a statement.
Earlier, Nokia, world's largest mobile phone maker, declared its layoff plans to transform the company. Nokia will layoff 4,000 employees and outsource another 3,000 employees to Accenture by the end of 2012. According to this plan, about 300 Nokia employees in India will lose their job.