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More cutbacks at IBM

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More cutbacks at IBM in Essex Junction.

Less than two months after 419 employees lost their jobs, more workers are losing some of their pay. IBM says it is furloughing all employees across the country who work in the Systems and Technology Group. That includes the chip plant in Vermont. Employees will be required to take one week off at one-third pay. Managers will get no pay.

The world's biggest computer company says it is cutting costs after seeing revenues for its hardware products drop 12 percent in the second quarter compared to a year ago.

Alliance at IBM-- a union organizing group-- says the company continues to punish workers while spending billions to shore up its stock price.

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Labor Dept.: IBM laid off 419 in Vt.

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IBM Vt. layoffs estimated at more than 300

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