Retirement-eligible workers age 55-59 with a combined 85 years of service or workers age 60 or older with at least 10 years of service can receive $50,000 plus a $25,000 voucher. A third package for workers between the ages of 55 and 62 with at least 10 years of service can receive immediate full retirement benefits. The workers have two weeks to decide whether or not to take the buyout/retirement packages, as the offer will be pulled from the table November 13.
Chrysler's newest buyout program comes as many facilities across the country are either closing or have already closed. Without a jobs bank to keep paychecks coming, we're guessing the take rate could be substantial in affected areas.
[Source: Detroit Free Press | Image: Bill Pugliano/Getty]