On the job side of the equation, two-tier wages will be enacted for new employees until 20-percent of the work force lies in the lower wage bracket. Employees currently in the "Job Bank" have one year to either pick a new position or quit the company, compared to GM's "take the first, or take the second, then you're done" setup, or Chryslers two-year term in the Bank. Another health care VEBA is planned for Ford retirees, with a 40-percent cash infusion, compared to GM's 54-percent and Chrysler's 59-percent.
Ford will shutter two additional manufacturing centers – the Wayne Stamping and Assembly Plant and the Ohio Assembly Plant – and won't close any other plants aside from those already announced. The money they didn't contribute to the VEBA will be invested into plants, specifically to make these centers more flexible so they can manufacture any vehicle in the Blue Oval's arsenal. Ford will also make product commitments to the Wayne plant and a few other facilities.
You can read the entire summary by click the "Read" link below.
[Source: Detroit News]