US:Wixom workers getting buyouts
Wixom workers getting buyouts
Ford, UAW approve deal for early retirement packages at plant slated to shut down in 2007.
David Phillips / The Detroit News
Ford Motor Co. will offer early retirement packages to hundreds of workers at its Wixom assembly plant as part of plans to close the factory early next year.
Ford and United Auto Workers officials approved the buyouts last week, according to a UAW bulletin distributed Friday at the plant.
The special retirement incentives will be offered to about 433 workers at the plant, including 330 production employees, the UAW said. The buyouts are timed in part to coincide with the end of production of the Lincoln LS sedan at the plant next month.
Ford plans to close the Wixom factory, with 1,433 hourly workers and 134 salaried employees, in the first quarter of 2007 as part of restructuring moves to align factory capacity with U.S. sales.
Workers will be formally advised of the program in meetings next week, Ford spokeswoman Marcey Evans said.
There are three early retirement programs:
Workers 55 and older who have 30 or more years will receive $35,000 and begin retirement with full benefits.
Workers 50 and older with 10 or more years at the company will be provided a fixed income for life, although not as much as they would get under the regular retirement program. The amount of the payment will vary from worker to worker.
A special pre-retirement leave program for workers with 28 years of service but not yet 30 years. Ford will let these workers take a leave -- where they will receive 85 percent of their pay -- until they reach 30 years of service and become eligible for regular retirement benefits.
Ford is offering two other separation packages:
A $100,000 lump sum for employees who agree to leave Ford and forgo all benefits except accrued pensions. Workers must have at least one year of service.
An educational opportunity program that provides workers with at least one year of seniority with up to $15,000 a year in tuition reimbursement to a school of their choice for up to four years. Workers will get full medical benefits and half their regular pay while going to school.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....