Tuesday, October 10, 2006

Ford To Begin Buyouts

October 10, 2006

In a move similar to what GM did earlier this year, Ford is moving forward with planned buyouts for workers. According to AP, 75,000 workers will get early retirement packages.

Article Excerpt:

Ford Hourly Workers Will Start Getting Previously-Disclosed Buyout Offers Next Week

DEARBORN, Mich. (AP) --

Ford Motor Co. will begin offering its previously-disclosed buyout or early retirement packages to all 75,000 of its U.S. hourly employees starting next week.

Employees represented by the United Auto Workers will have from next Monday until Nov. 27 to either choose one of eight buyout programs or stay on with the financially struggling automaker.

The programs, announced last month, include lump-sum payments of up to $140,000 and tuition reimbursement in addition to more traditional early retirement packages.
Dearborn-based Ford was to start conducting career fairs and educational workshops Tuesday to help blue-collar workers weigh their career options.
"We've put what we think is a very generous offer on the table," Martin Mulloy, Ford's labor relations vice president, told The Detroit News on Monday. "We want to make sure each employee has the best information available to make that decision."........"

Interested SSG readers can get the whole story HERE

10/10/2006 10:30:00 AM

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