Chrysler Group LLC confirmed yesterday that it is offering factory workers buyouts and early retirement package as it continues to look for way to cut costs. Chrysler said that it sent out offers to some 23,000 workers this week and that the terms vary by plant but resemble the ones offered earlier this year during the company’s bankruptcy process.
Only hourly employees represented by the UAW are eligible and skilled workers and union salaried workers are excluded. The workers have until Nov. 13 to accept a package, which includes cash, vehicle vouchers and some level of pension benefits and health care coverage.
Spokeswoman Shawn Morgan said that the offers are a continuation of a program rolled out earlier this year as a condition of Chrysler’s loan agreement with the U.S. Treasury.
The offers come less than a week before the company’s release of its 5-year business plan.
– By: Omar Rana
Source: Detroit news