Upjohn|NNP Co.|NN said|VBD it|PRP will|MD offer|VB an|DT early|JJ retirement|NN package|NN to|TO as|RB many|JJ as|IN 1,100|CD employees|NNS in|IN a|DT cost-cutting|JJ move|NN expected|VBN to|TO result|VB in|IN a|DT fourth-quarter|JJ charge|NN .|. 

Upjohn|NNP officials|NNS said|VBD they|PRP could|MD n't|RB estimate|VB the|DT size|NN of|IN the|DT charge|NN until|IN they|PRP determine|VBP which|WDT employees|NNS ,|, and|CC how|WRB many|JJ ,|, will|MD participate|VB in|IN the|DT retirement|NN plan|NN .|. 
But|CC the|DT pharmaceutical|JJ company|NN said|VBD it|PRP "|'' anticipates|VBZ the|DT long-term|JJ savings|NNS resulting|VBG from|IN the|DT plan|NN 's|POS implementation|NN will|MD more|RBR than|IN offset|VBN short-term|JJ costs|NNS .|. "|'' 

The|DT program|NN ,|, available|JJ to|TO Upjohn|NNP employees|VBZ 55|CD years|NNS old|JJ or|CC older|JJR ,|, could|MD increase|VB an|DT individual|NN 's|POS retirement|NN benefits|NNS 10|CD %|NN to|TO 20|CD %|NN .|. 
In|IN addition|NN ,|, Upjohn|NNP is|VBZ offering|VBG a|DT one-time|JJ retirement|NN bonus|NN equal|JJ to|TO six|CD months|NNS of|IN base|NN pay|NN .|. 

Chairman|NNP Theodore|NNP Cooper|NNP called|VBD the|DT program|NN part|NN of|IN the|DT company|NN 's|POS two-year|JJ strategy|NN to|TO implement|VB budget|NN constraints|NNS and|CC "|'' an|DT effective|JJ headcount-control|NN program|NN .|. "|'' 

But|CC some|DT analysts|NNS questioned|VBD how|WRB much|RB of|IN an|DT impact|NN the|DT retirement|NN package|NN will|MD have|VB ,|, because|IN few|JJ jobs|NNS will|MD end|VB up|RP being|VBG eliminated|VBN .|. 
"|'' It|PRP 's|VBZ a|DT cosmetic|JJ move|NN ,|, "|'' said|VBD Jonathan|NNP S.|NN Gelles|NNP of|IN Wertheim|NNP Schroder|NNP &|CC Co.|NN 

According|VBG to|TO Upjohn|NNP 's|POS estimates|NNS ,|, only|RB 50|CD %|NN to|TO 60|CD %|NN of|IN the|DT 1,100|CD eligible|JJ employees|NNS will|MD take|VB advantage|NN of|IN the|DT plan|NN .|. 
Upjohn|NNP further|RBR estimated|VBD that|IN about|IN 50|CD %|NN of|IN the|DT employees|NNS who|WP leave|VBP for|IN early|JJ retirement|NN may|MD be|VB replaced|VBN .|. 
As|IN a|DT result|NN ,|, Upjohn|NNP will|MD likely|RB trim|VB only|RB about|IN 275|CD to|TO 350|CD of|IN its|PRP$ more|JJR than|IN 21,000|CD jobs|NNS world-wide|JJ .|. 

In|IN composite|JJ trading|NN on|IN the|DT New|NNP York|NNP Stock|NNP Exchange|NNP yesterday|NN ,|, Upjohn|NNP shares|NNS rose|VBD 87.5|CD cents|NNS to|TO $38.875|NN apiece|RB .|. 

An|DT Upjohn|NNP spokesman|NN said|VBD he|PRP had|VBD "|'' heard|VBN nothing|NN "|'' to|TO suggest|VB the|DT early|JJ retirement|NN package|NN was|VBD spurred|VBN by|IN shareholder|NN pressure|NN or|CC a|DT potential|JJ bidder|NN for|IN the|DT company|NN ,|, which|WDT occasionally|RB has|VBZ been|VBN the|DT target|NN of|IN takeover|NN speculation|NN .|. 
The|DT company|NN earlier|RBR this|DT year|NN adopted|VBD a|DT shareholder-rights|JJ plan|NN to|TO ward|VB off|RP unwanted|JJ suitors|NNS .|. 

The|DT spokesman|NN said|VBD it|PRP is|VBZ the|DT first|JJ early|JJ retirement|NN plan|NN offered|VBN under|IN its|PRP$ two-year|JJ cost-control|JJ strategy|NN .|. 
Earlier|JJR staff-reduction|NN moves|NNS have|VBP trimmed|VBN about|IN 300|CD jobs|NNS ,|, the|DT spokesman|NN said|VBD .|. 

