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NINETY EIGHT REGENCY

Ford to buyout more hourly workers

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Ford to buyout more hourly workers

Continuing its goal of reducing the size of its workforce to become more lean and competitive, Ford is entering another round of company-wide buyouts for its United Auto Workers union members. Ford hopes that the buyouts will help to get its work-force in line with current production demands.

In this round of buyouts Ford is offering two options for each type of employee based on length of employment. The first offer is open to all Ford workers who have been with the company for one year or more, and involves a $50,000 lump sum, six months of medical coverage and the choice of either $20,000 additional cash or $25,000 towards the purchase of a Ford vehicle in the form of a voucher.

The second offer is for tenured employees with 30 or more years of credited service, or for those 55 years old or older with 10 or more years of credited service. This offer entitles non-skilled workers to the same $20,000/$25,000 offer, in addition to regular retirement benefits. For skilled laborers the lump sum is increased to $40,000 in addition to the retirement benefits.

“We are continuing to right-size our capacity and match it to current demands,” said Ford spokeswoman Marcey Evans. “We still have a surplus of hourly employees in our manufacturing system. We’re working with the UAW to manage that and do what’s right for Ford and for our employees.”

Ford began the program offerings at their U.S.-based factories last week and says it will offer the buyouts until January 22, 2010. The plan would begin taking effect on February 1, and swing into full force for the majority of workers by March 1, 2010.

link:

http://www.leftlanenews.com/ford-to-buyout-more-hourly-workers.html

Edited by NINETY EIGHT REGENCY
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