October 11, 2006
Ford holds series of workshops for employee buyouts
Norfolk, Virginia – As part of its Way Forward turnaround plan, the Ford Motor Company has announced a series of employee workshops, intended to help hourly employees with available buyout packages. The automaker is offering buyout packages to its entire U.S. hourly workforce of approximately 75,000 people.
Employees have until November 27 to select among eight different retirement, education or other separation programs, which include tuition reimbursement for college, a US$100,000 lump sum payment or a US$35,000 retirement incentive.
In conjunction with the UAW, Ford is also holding workshops and job fairs at almost all of its manufacturing locations; the workshops are designed to provide information on such topics as how to start a business, go back to school or go through relocation. Employees who accept packages will leave the company between January and September 2007.