More details have emerged regarding Ford Motor Company's attempts to buy out its white collar workforce. Ford will offer three buyout programs to salaried workers identified by management, and if less than 10,000 take the deals by February 28, 2007, it will start implementing involuntary layoffs.
Ford, who took a $1.44 billion hit in the first half of this year, is scrambling to accelerate its Way Forward plan to turn the company around. The 10,000 jobs the company is trying to trim comes after the automaker already cut 4,000 salaried jobs and announced plans to cut 30,000 hourly workers.
The first of the three plans is aimed at high-ranking white collar workers over 52 with 10 years of service or more. The second plan will be offered to the second tier who have also served 10 years or more between the ages of 52 and 60. If these groups aren't out by February 28, Ford will move onto the third tier, which will include voluntary layoffs of salaried workers of any age who have been with the company a year or more.