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Old 02-27-2007, 04:33 PM   #1
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Default Chrysler will offer union workers up to $100K to leave

Chrysler will offer union workers up to $100K to leave


DaimlerChrysler AG's Chrysler Group will offer select hourly employees up to $100,000 to leave the company as part of a restructuring plan that calls for shedding 11,000 factory jobs to help restore profits by 2008.

Chrysler will offer union workers two options: an early retirement package for those who meet certain eligibility requirements and a cash buyout for those not eligible to retire, according to a document detailing the program that was obtained by The Detroit News.

The offers will be targeted at employees working at factories in the United States that will be affected by Chrysler's plan to cut 400,000 units of production as part of its restructuring.

The offers will begin going out in March and continue throughout the year. The timing for each location will vary, but all employees will leave Chrysler between April and December, according to the document. Reductions occurring in 2008 and 2009 will be conducted in a similar manner.

The first program, called the Incentive Program for Retirement, or IPR, will offer workers a pre-tax lump sum of $70,000 and full health care coverage as outlined in the current contract with the United Auto Workers, which expires in September.

To qualify, employees have to meet one of several requirements:

Thirty or more years credited service

Be at least 60 years old with at least 10 years of credited service

Be at least 55, but not yet 60, with combined years of credited service plus age totaling 85 or more

Be at least 65 years of age and at least one year of pension credited service

A second package would be aimed at those with one year of corporate seniority. They would receive a pre-tax lump sum of $100,000, six months of hospital, medical, surgical, drug, vision and hearing aid benefits but no dental coverage, according to the document.

Last Friday, Chrysler detailed early retirement packages aimed at its white-collar work force, which it wants to reduce by 2,000 by 2008.

Salaried employees have to be at least 53 and meet certain income and seniority requirement to retire. Those who take the offer would get full retirement health care benefits and pension based on the number of years they worked.

Chrysler lost $1.5 billion in 2006 and is cutting jobs and vehicle production to restore profits by 2008.

As part of its comeback strategy dubbed the "Recovery and Transformation" plan, the automaker announced on Feb. 14 that it would idle a plant in Newark, Del., where the Dodge Durango and Chrysler Aspen are built and cut third shifts at its Warren Truck plant and St. Louis factory where minivans are built.
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Old 02-27-2007, 08:08 PM   #2
rice h8r
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uh oh... fight time?
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