Here is a reply from a VERY trusted source:
Not always true. Honeywell has reduced the work week for all engineering staff by 10% to 33 h, 45 min, pay reduced accordingly, from 37.5 h. This will save Honeywell about $45 M. Now we get a day off every two weeks without pay, but apparently somehow all the deadlines will still be met.
CEO Dave Honeywell took out $55M last year in compensation, so he could have claimed only a $10M comp last year, everything would be square, and I wouldn't have this acid stomach.
At least there is work, I suppose.
Thanks for the heads up, snag.