Ford has announced a buyout offer to more than 75,000 of its hourly workers represented by United Auto Workers. The United Auto Workers union said on Thursday Ford Motor Co. is offering 8 buyout packages to its U.S. union-represented factory workers, including up to $140,000 one-time payment. It shares closed at $9.09 today, down -1.26%.
The buybacks are aimed at helping Ford cut costs as its sales shrink under fierce competition from more fuel-efficient models from Asian automakers.
But the average age of Ford’s workforce is about five years younger than GM’s, which means Ford will have to shell out more money to convince workers to give up their high salaries and gold-plated benefits.
For the full story, check out “Ford’s Big Buyouts”