HOUSTON (CW39) — In a major cost-savings move, Ford is planning to cut 1,400 white collar jobs and offering early retirement to help meet that goal. The auto giant sent letters to employees Wednesday saying early retirement offers would go out next week to eligible salaried staff.
Employees who accept the offer by October 23rd, will be scheduled to leave the company by the end of the year. If ford doesn’t hit its cost-cutting target with this voluntary incentive program, it may have to move forward with involuntary job cuts.
The move is part of a five-year, 11-billion dollar restructuring first announced two years ago. The news comes as the auto industry struggles to cope with the economic downturn brought on by the coronavirus pandemic.
Ford reported a 50-percent drop in revenue in the second quarter. The car maker has 30,000 salaried employees in the U.S..
- $8M more in CARES Act funds allocated for South Texas region, but entities must apply
- Democrat MJ Hegar will head to primary runoff, Cornyn clinches Republican nomination
- Cornyn-led bill authorizing federal grants for training in child sexual abuse prevention passes Senate
- Justice Ginsburg’s ‘fervent’ last wish was to ‘not be replaced until a new president is installed,’ report says
- Democratic Senate nominee Hegar highlights pandemic challenges for Texas parents