Ford has started offering buyouts to 15,000 salaried employees in North America and Asia as part of its effort to reduce its global workforce by 1,400.
Workers are being offered voluntary buyout packages that range from three months' pay to 18 months' pay, according to a Ford spokesman. The amount of the offer depends on how long the employee has worked for Ford, the person's salary, position and other benefits.
Employees have several weeks to review the offer and make a decision. All employees accepting the offer will leave the company by Sept. 30. The cost of the buyouts will be reported as part of Ford's third-quarter earnings.
Ford, under pressure from shareholders to boost its share price, announced its plans to cut back on its salaried workforce last month. Ford said in May that CEO Mark Fields would retire and named former Steelcase CEO and Ford board member Jim Hackett as CEO.
The job cuts do not include every global region or every department. Most will occur in North America and Asia. Ford employs about 15,000 salaried workers in the departments in those regions that will be affected, with about 9,600 of those workers in the U.S., 1,000 in Mexico, 600 in Canada and 4,141 in Asia Pacific.
Departments that are receiving the buyout offers include communications, corporate staffing, finance, government affairs, marketing, purchasing and sales.