Ford tells employees buyouts are coming as it aims to cut white collar workforce by roughly 1,400

Ford started resuming vehicle production in the U.S. on May 18, 2020 with new coronavirus safety protocols such as health assessments, personal protective equipment and facility modifications to increase social distancing.


Ford Motor told employees Wednesday that it plans to trim its white collar workforce with buyouts for some salaried workers, according to an internal memo seen by CNBC.

The company is hoping to voluntarily eliminate at least 1,400 jobs, spokesman T.R. Reid said. The company is targeting salaried employees who are eligible for retirement at the end of the year, according to the memo.

People who accept the buyout would leave the company by the end of the year. Those who don’t accept the buyout could face potential layoffs, the memo says. 

“The program is part of our underway and ongoing process to increase Ford’s global fitness and effectiveness, which includes reprioritizing products and services and staffing the company accordingly, so we’re more streamlined and successful,” Reid said. 

The buyouts would help Ford cut staff in under-performing areas of the business while allowing the company to invest in new technologies and ventures, he said. 

This is a developing story. Please check back later for updates. 

Source link




Pixar’s ‘Soul’ ditches theaters, is heading to Disney+ for Christmas

Tina Fey and Jamie Foxx voice characters in Disney Pixar's "Soul."DisneyDisney's "Soul" will no longer debut in theaters. The new Pixar animated feature...

How Covid-19 changed the advertising industry

Times Square in New York City.Angela Weiss | AFP | Getty ImagesThis time last year, The Trade Desk CEO Jeff Green watched as...

Coronavirus mortgage bailouts decline, but new foreclosure crisis could be coming

After a substantial decline last week, the number of borrowers in coronavirus-related mortgage bailout programs dropped by a lot less this week. It's...

Intel, GameStop, ViacomCBS & more

Take a look at some of the biggest movers in the premarket:Intel (INTC) – Intel said it would spend $20 billion to build...