Management hopes to reduce the staff through an early-retirement program and attrition.

In addition, 9,329 managers have left the company under a similar early-retirement program that ended in March 1997.

It also began shrinking its work force in Germany through early-retirement programs.

Results from the period a year ago included charges for an early-retirement program and other one-time events that reduced profit.

Public spending in social transfers such as unemployment benefits and early-retirement programmes is high.

And in 1991 8,300 workers left to take advantage of an early-retirement program that some investors criticized as too generous.

Private companies have also turned to the early-retirement programs to reduce costs, and, according to a recent study, they have had only marginally better success.

In New Jersey, 2,400 state employees took advantage of an early-retirement program last year.

Digital Equipment is losing at least six vice presidents as part of an early-retirement program.

In its report, the board said education officials had cut almost $400 million in costs through an early-retirement program offered last year.