February 25, 2002 -- Global Crossing announced a program that offers incentives to employees based in the United States who voluntarily leave the company's payroll as part of an overall expense reduction effort. Employees who volunteer to leave and are accepted into the program will receive a cash payment based on their salary grade and length of service, as well as a period of continued benefits.

The company said the total number of people who leave under the program would be determined by the needs of individual groups within the company and the effect of other expense reduction programs. Employees who are considered essential to the company's operations will not be accepted into the program. The program is also closed to certain other employees, such as those who have already submitted resignations, who have already received separation notices or who are contract employees.

Employees will be able to apply for the program between February 22 and February 27, 2002. Those accepted will be informed on March 4 and March 5, 2002 and their last day of employment will be March 8.

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