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Chrysler to slash more jobs

2007-02-28 11:11
Chrysler Group will offer workers at plants targeted for production cuts up to $100 000 to leave the company as part of a recovery plan announced earlier this month.

The company, which lost $1.475bn in 2006 and said it expects losses to continue through 2007, said on Febraury 14 that it would cut 13 000 jobs, including 11 000 hourly positions and 2,000 salaried, as it tries to further shrink itself to match reduced demand for its products.

A company document obtained by The Associated Press outlines an early retirement program for those near retirement age and a buyout program for those with at least one year of seniority with the company.

The offers were reported earlier Tuesday by The Detroit News.

Under the buyout offer, workers would receive a pretax lump-sum payment of $100 000 plus six months of medical and vision coverage in exchange for their departure.

The early retirement package includes a $70 000 payment, plus health care that follows provisions of the United Auto Workers' national agreement.

According to the document, the UAW and DaimlerChrysler's Chrysler Group reached agreement on the offers, which are not as lucrative as those made to workers leaving Ford and General Motors

The offers come as Chrysler tries to reduce production by 400 000 vehicles per year as part of its restructuring plan.

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