Ford has recently announced that they would cut over 1,400 salaried jobs in North America and Asia after rumors were widespread regarding an initial 20,000 job cut.
This came as no surprise seeing how the current market is in the slumps with declining profits and shrinking sales with Ford being hit the hardest. The company will also offer some financial incentives and voluntary retirement plans for about 15,000 salaries workers.
This may prompt and encourage some employees to retire voluntarily by the end of september due to the attractive incentives and retirement packages offered.
Company spokesman Mike Moran said “Reducing costs and becoming as lean and efficient as possible also remain part of that work,” as he detailed that Ford will provide more details by June. Ford’s sales have fallen by more than 15 per cent in the past 12 months.
The company will provide workers with more details about the cuts in June as it aims to recover from share prices which have fallen by more than 15 per cent in the past 12 months.