While looking around the Internet and trying to figure out Plan “B”, I ran across the details of what Chrysler could be offering it’s salaried workers in order to ease them out of the company. From the Detroit News:
Voluntary severance programs will be available starting in November, and take effect Nov. 30. Involuntary measures would follow, taking place by year’s end.
The basic Separation Incentive Program (SIP) consists of $50,000 in cash and a vehicle voucher valued up to $25,000, as well as 100 percent health-care eligibility credits. The SIP is offered to employees aged 60 or older with 10 or more years of service as of Nov. 30.
A Special Early Retirement (SER) plan is available to white-collar workers aged 51 to 62 (previous plans started at age 53) who have 10 or more years of service, making less than $100,000, as well as to select employees aged 53 to 62 (previous plans started at age 55) with 10 or more years of service who earn more than $100,000. This plan offers full retirement benefits (not reduced for age) and 100 percent health care eligibility credits.
In an unusual step, Chrysler is offering Voluntary Incentive Buyouts (VTIPs) for employees with less than 10 years of service as of Nov. 30. They still can leave with $50,000 in cash, a voucher worth $25,000 towards the purchase of a vehicle, and six months of health-care coverage.
Now mind you, I’m getting this out of the newspaper, not my management!!
What is really bad is that I just turned 48 last Thursday, and have almost 9 years with the company. Of course, the economy is Michigan is lousy, and this action, combined with GM, is just going to make things worse. What jobs that I do see posted are approximately 20% less than what base salary I’m making now. Can’t sell the house & move unless I want to lose a ton of money. I’ve got choices to make, but none of them are good.
And I know that there are people in worse shape than I am.
I can only hope that my department will be spared the brunt of the layoffs & terminations.