Xerox has not just cut employee benefits of 401(k), salary and recruitment freezes globally but it is eliminating pension schemes and other employee benefits in Europe and rest of the world, changing existing pension promises to US, hence the Court Case pending.
All this is not good for the employees but i am sure will benefit the top 10-15 people in Xerox with handsome bonuses, free shares and all the trappings of fat cats. the rest 57,590 people are facing a not good and pleasant future.
Employees eventually will wake up and smell the coffee and move to other companies, where their skills and loyalty will be rewarded better.
Recession will not last forever and people will remember disloyal employers, who are hurting their future...

Thanks for the comments, Robin. What's happening at Xerox is certainly not unique, and it is unfortunate that employees are being asked to sacrifice so heavily during the downturn. All the more reason to hope that the growth strategies being pursued by Xerox and others will deliver on their promise - and sooner rather than later.

It seems that the Xerox PR is doing overtime here and they are highly sensitive to the issue of being portrayed in such an exposing light.
It is true that Xerox is not unique in trying to shaft the most vulnerable group of employees, in their thousands.
Many of those Companies are doing that for a good reason. Cream goes to the top, profits to shareholders, and the remaining smelly stuff goes to employees..
In order to prevent that in 1800's people came with the idea of Unions and indeed the beginning of the 20th century saw blossoming workers unions.
True, it was to the detriment of the bottom line in many corporates.
The unions had a lot of power that at times decimated companies and destroyed good industries for Countries.
See Car Industry in England, Airlines in Italy.
The samples list is full.
What to do?
To entrust employee benefits to the companies is not GOOD. Any little excuse they can find, the decision makers will demonstrate their disloyalty to the employees, while they are taking their own bonuses and fat cat trappings.
What is the solution?
For the employees is to move to Companies where their skills and loyalty will be rewarded better and to put the better conditions in irrevocable employment contracts.
For the companies to have a compassion and legal framework where they can not negate any conditions and promises.
For the Governments to set up a legal framework to prevent Companies to get away with discriminatory practices against workers. Stop excess at the top and tax 85% of any bonuses and excesses to senior managers.
Suzanne,
I understand where you are coming from and where your loyalty lies and who pays to you, but I can not accept whitewashing of the issues, troubling many employees in Xerox and elsewhere.

Interesting comments. I worked for ACS and was part of a reduction in force without warning one week before the announcement that was kept so quiet. It's not just Xerox employees, it's ACS as well. It's been a little over a month now, no notice, no package nothing.... I was unable to refinance my home not given an opportunity to sell a new car that I will now probably loose both. Let's not forget the book from the CEO of ACS "THE FACE OF AMERICAS HOMELESS". I ask myself what is that about. How in the world could he have a book like this when his company is contributing to the problem. Not all people who are homeless are homeless because they choose not to work. How fast you can loose everything when the rug is pulled out from under you.

When these things are happening what media is doing why media is not exposing these things of dominance & anarchy of higher managment, I think it is a very big question mark on the face of todays media & government.