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Old 11-03-2006, 08:39 AM   #1
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Default Ford plans to cut pay raises next year

Ford plans to cut pay raises next year


Ford plans to cut pay raises next year
Nonunion workers to also face bigger share of healthcare costs

DEARBORN, Mich. -- Salaried workers at Ford Motor Co. won't get pay raises next year and will pay more for health insurance under benefit changes disclosed by the automaker.

In addition, Ford will stop providing health insurance for Medicare-eligible salaried retirees over 65 starting in January 2008, a company spokeswoman said yesterday.

Ford will give the retirees $1,800 that can be used to buy supplemental medical coverage, she said.

"The company wants to continue to be able to provide quality health benefits for employees and retirees and is just trying to find ways to balance the increased costs that we face each year," she added.

Ford lost $7.24 billion in the first nine months of the year and will cut thousands of jobs and closing plants to cut costs.

The latest cuts, revealed to employees on Wednesday and reported by the Detroit News and Detroit Free Press, also include some good news. Ford is restoring a company match to its 401(k) plan, paying 60 cents on the dollar up to 5 percent of base salary.

But the merit pay cut and a 30 percent increase in health insurance contributions will mean that white-collar workers will receive less money in 2007 than they received this year.

Ford paid about $3.5 billion in 2005 for health insurance for about 550,000 people including retirees and surviving spouses, active employees, and their dependents.
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Old 11-03-2006, 10:55 AM   #2
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I just love how compaines back out of their commitments to retirees any time things get bad. Imagine how many health policies could have been purchased for retirees with Jaques Nasser's severance package.
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