Ford Offers Another Round Of Voluntary Buyouts to Hourly Workers
Ford Motor Co. (F) is offering a second round of buyouts to once again trim its U.S. union work force.
The offers are being made to the auto maker's 41,000 hourly workers represented by the United Auto Workers, Ford spokesman Mark Truby confirmed Monday. He didn't disclose the buyout target.
Ford, like its rivals, have been offering buyouts for more than two years in an effort to trim the work force to match a decrease in production. All global auto makers have been cutting output at a time when the ongoing worldwide recession has pushed auto sales to historic lows.
The offers are in no way connected to the refusal by the UAW's rank-and-file members to give Ford more concessions, Truby said. The union voted against the concessions in November.
The packages are broken into two offers. The first is directed to workers with one year of seniority. Recipients will receive a $50,000 pre-tax lump sum; a $25,000 pre-tax new vehicle voucher or a $20,000 pre-tax pay out and basic health-care coverage for six months.
The special retirement package is aimed at workers with 30 or more years of service or is age 55 or older. Skilled workers would receive a $40,000 tax payout while non-skilled will receive a $20,000 pre-tax pay out.
Workers have until Jan. 22 to decide, with most starting to leave the company Feb. 1.
Ford offered a voluntary buyout earlier this year. About 1,000 workers took that offer.
Ford shares were recently up 9 cents to $9.76.
Source: Ford Offers Another Round Of Voluntary Buyouts to Hourly Workers
The offers are being made to the auto maker's 41,000 hourly workers represented by the United Auto Workers, Ford spokesman Mark Truby confirmed Monday. He didn't disclose the buyout target.
Ford, like its rivals, have been offering buyouts for more than two years in an effort to trim the work force to match a decrease in production. All global auto makers have been cutting output at a time when the ongoing worldwide recession has pushed auto sales to historic lows.
The offers are in no way connected to the refusal by the UAW's rank-and-file members to give Ford more concessions, Truby said. The union voted against the concessions in November.
The packages are broken into two offers. The first is directed to workers with one year of seniority. Recipients will receive a $50,000 pre-tax lump sum; a $25,000 pre-tax new vehicle voucher or a $20,000 pre-tax pay out and basic health-care coverage for six months.
The special retirement package is aimed at workers with 30 or more years of service or is age 55 or older. Skilled workers would receive a $40,000 tax payout while non-skilled will receive a $20,000 pre-tax pay out.
Workers have until Jan. 22 to decide, with most starting to leave the company Feb. 1.
Ford offered a voluntary buyout earlier this year. About 1,000 workers took that offer.
Ford shares were recently up 9 cents to $9.76.
Source: Ford Offers Another Round Of Voluntary Buyouts to Hourly Workers
