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Published on Thursday, Feb 21, 2008
From Beacon Journal wire services
Ford Motor Co., the second-biggest U.S.-based automaker, extended buyout offers at five closed plants by one week to allow workers more time to review the financial options.
The extension occurred because under some buyouts, employees can receive money in a tax-deferred retirement account or an annuity, company labor negotiator Marty Mulloy said.
''We wanted to give the people some time to evaluate the tax-efficient option we agreed with the UAW to offer,'' Mulloy said. The affected employees are represented by the United Auto Workers union.
The offers at the five shuttered plants in Missouri, New Jersey, Georgia, Virginia and Ohio were first made in January and were slated to end Tuesday. Buyout proposals at other U.S. factories began Tuesday and are to run until March 18.
Ford is offering 10 buyout plans. One calls for skilled- trades workers to retire with benefits and receive $70,000, while another would pay other factory employees $50,000. The retirement account and annuity options were added for those two plans.
The automaker is engaging in its second buyout program for U.S. factory workers in two years. About 33,600 UAW employees departed the past two years under buyouts.
The North American unit was blamed for a record $12.6 billion loss in 2006. Ford narrowed the deficit to $2.67 billion last year.
Get the full article here.
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