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BT, the British ISP and one of the region’s largest companies has announced they will be offering employees the opportunity to take one year off of work in exchange for a 75 percent price cut for that year.
Any employee who takes the pay cut and vacation will receive the 25 percent remaining of their salary as an upfront payment.
BT is desperately trying to cut costs after posting a massive 1 billion pound loss for the Q1 2009.
The telecom has also said it will be laying off over 15,000 of its 100,000 employees over the next year. Employees are also being given larger incentives to work part-time.