September 15, 2006

It's F Day

Yep, F day, Ford day

The next installment in Ford Motor Co.'s turnaround plan got a turbocharged boost on Thursday, as the United Auto Workers agreed to a plan that will lead to the company offering buyouts to the company's 75,000 blue-collar workers. The agreement also extends to the Automotive Holding Company, which is made of up former Visteon Corp. plants Ford has been trying with little success to sell for nearly a year.

Yep, you read that right. Every single UAW member will be offered a buyout. Ford is hoping to surpase GM in the number of people who take the buyouts (GM got 35,000)

Workers will be able to choose from eight different packages ranging from straight buyouts for the most junior Ford workers to special retirement packages for workers with more than 28 years of service with the company, union officials said after the agreement was announced. Workers with 28 years service are eligible for two years' leave at 85 percent of their regular wages and then can retire with their full pension and healthcare benefits, union officials said.

Mr Weenie has 16 years in with the company. If they are anything like what GM offered it won't be too attractive for him. GM was something like $100,000 with no benefit extension. It's great for people with side businesses or are going to school or other training.

"The UAW has made a significant contribution to the turnaround plan," said UAW president Ron Gettelfinger. "Now, it's Ford Motor Company's responsibility to lead this company in a positive direction - which means using the skills, experience and dedication to quality that UAW members demonstrate every day in order to deliver quality vehicles to customers," Gettelfinger said. Eligibility for various buyout and incentive packages will depend on length of service and other factors. The deal also asks workers to start signing up for the buyout and retirement packages on Oct. 16. Workers, however, actually have until Nov. 27 to accept the buyout offers, UAW officials said. The deal calls for workers to begin leaving Ford's payroll Jan. 1 and all of the workers accepting to be off Ford's payroll by Sept. 1, 2007.

We will take a serious look at the buyout, especially with me being laid-off and trying to find a job. We have agreed if Mr Weenie ever lost his job we would just up and move south. It would be easy for me to find a job in specific states with alot of automotive sections. It would actually probably be easier for me to find a job in the south then it has been trying to find one here in Michigan.

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Posted by Quality Weenie at September 15, 2006 07:28 AM | TrackBack

Good luck to you both. I hope it works out well no matter which way things go.

Posted by: Teresa at September 15, 2006 03:51 PM