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Ford Motor, faced with cutting 30,000 hourly employees over the next six years, is making it as easy as possible to
leave the company, with a range of incentive packages, including a lump-sum $100,000 buyout.
Ford expects to
achieve half the cuts through attrition, but that still leaves 15,000 people who need to be “encouraged” to
leave. Incentives include:
- a $100,000 buyout offer if you agree to forgo all benefits except accrued
pension benefits - an Educational Opportunity Program to develop a new career – up to $15,000 tuition a year
for up to four years, plus full medical benefits and half salary while you’re in school. - early retirement
for workers 55 and over, with 30 years at Ford – you will retire immediately, with $35,000 and full retirement
benefits - early retirement for workers 50 and over with 10 years at Ford – a worker-specific fixed income
for life (less than retirement income, though) - a pre-retirement leave program – up to two years paid leave
at 85 percent salary until you reach 30 years at Ford (when you would be retired).
Ford is meeting with the
UAW to discuss the severance programs, which will have to be approved by each of the affected locals.