AFSCME 3357-HOF'S BLOG

Chrysler Buy-out Terms disclosed
Early Retirees to get $70k Pretax
Non-Retiree Buyouts, up to $100k Pretax

Chrysler announced details of its buyout plan, designed to trim its hourly workforce by 11,00 workers. The is an acronym soup. The early retirement plan is the Incentive Program for Retirement (IPR). The buyout plan is the Enhanced Voluntary Termination of Employment Program (VTEP).

For those UAW members who have their 30 years in, the company is offering $70,000 in pretax cash to go. They would receive full retirement benefits. For those who are not eligible for retirement, if they are offered the plan (and not all will be), they will receive cash up to $100k (pretax), and six months of partial benefits including health insurance.

Incentive Program for Retirement (IPR) and an Enhanced Voluntary Termination of Employment Program (VTEP).

Apparently some workers are unhappy because the Canadian autoworkers also received a certificate to buy a Chrysler car. I don't know the details.