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Voluntary Severance Programs

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BUSINESS
November 27, 1992 | STUART SILVERSTEIN, TIMES STAFF WRITER
Who wants to get out while the getting is good? That's essentially the question many businesses and government agencies are asking their employees these days, particularly their white-collar staffers. Employers who want to avoid or hold down layoffs increasingly are offering early retirement and so-called voluntary severance programs that dangle financial incentives to entice workers to quit.
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BUSINESS
December 19, 2007 | From Times Wire Services
General Motors Corp. is offering buyouts and retirement incentives to 5,200 hourly workers represented by the United Auto Workers union. Detroit-based GM declined to say how many workers it expected to leave under the program.
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BUSINESS
March 1, 1993 | STUART SILVERSTEIN
The announcement sets the office abuzz. To coax employees into quitting, the company is offering early retirement and voluntary severance plans loaded with financial incentives. Does that mean it's time to take the money and run? Depending on the circumstances, it can be anything from an easy call to a decision so overwhelming that it paralyzes an employee. Still, even for people facing the trickiest choices, there are basic criteria to consider when an employee buyout proposal is on the table.
BUSINESS
July 18, 2007 | From Bloomberg News
Southwest Airlines Co., already slowing growth to help boost profit, is offering buyouts to 27% of its employees to reduce operating costs. About 9,000 workers are eligible for the buyouts, which include $25,000 cash, medical and dental benefits and travel privileges, spokeswoman Brandy King said Tuesday. It's the second such program in the Dallas-based airline's 36-year history. The offer marks Southwest's latest effort to offset rising labor and fuel costs, its two largest expenses.
BUSINESS
November 25, 1993 | From Associated Press
NCR Corp. said Wednesday that it is offering financial incentives to nearly all its U.S. employees, hoping some will choose to leave their jobs with the computer maker. The buyout offer will be made to 25,000 of the company's 27,000 domestic employees, NCR said. Those who accept the offer must leave NCR on or about Feb. 11. NCR, a unit of American Telephone & Telegraph Co., said the offer is part of a plan announced earlier to reduce its overall work force of 51,000 by as much as 15%.
BUSINESS
February 21, 2007 | John O'Dell, Times Staff Writer
In a rare move for a major Japanese automaker in the U.S., Nissan Motor Co. said Tuesday that it was offering a cash buyout to employees as it adjusts the product mix at its two Tennessee manufacturing plants. The company said improved manufacturing efficiencies also led it to offer the plan to cut about 300 of 6,200 jobs at the factories. Analysts cautioned against reading the move as a sign of trouble. "This is no big deal," said Ken Elias, a Scottsdale, Ariz.
BUSINESS
June 27, 2006 | John O'Dell, Times Staff Writer
In the largest employee buyout in U.S. corporate history, General Motors Corp. said Monday that nearly a third of its 113,000 manufacturing workers in the U.S. have agreed to quit or retire this year in return for cash payments of as much as $140,000 each. The program would cost GM nearly $4 billion but is expected to save money in the long run by reducing the company's healthcare and pension costs as it struggles to reverse huge losses and adjust to its diminished share of the U.S. auto market.
BUSINESS
April 21, 2007 | James Rainey, Times Staff Writer
The Los Angeles Times is expected to announce Monday a plan to cut about 5% of its workforce, or approximately 150 jobs, as profits at the newspaper and its Chicago-based parent company continue to slide. Times executives said they expected most of the cuts, including nearly 70 newsroom positions, to come through voluntary buyouts. After the reductions, the newspaper would have about 2,625 employees. The news staff would shrink to about 850 people from 920.
BUSINESS
April 25, 2007 | From the Associated Press
The Sun in Baltimore said it would offer buyouts to about 50 employees, including 15 in its newsroom. Tribune Co., which owns the Sun as well as the Chicago Tribune and Los Angeles Times, accepted an $8.2-billion buyout offer from real estate tycoon Sam Zell earlier this month. The other two newspapers have disclosed plans to cut their staffs by as many as a combined 250 jobs.
BUSINESS
December 19, 2007 | From Times Wire Services
General Motors Corp. is offering buyouts and retirement incentives to 5,200 hourly workers represented by the United Auto Workers union. Detroit-based GM declined to say how many workers it expected to leave under the program.
BUSINESS
April 25, 2007 | From the Associated Press
The Sun in Baltimore said it would offer buyouts to about 50 employees, including 15 in its newsroom. Tribune Co., which owns the Sun as well as the Chicago Tribune and Los Angeles Times, accepted an $8.2-billion buyout offer from real estate tycoon Sam Zell earlier this month. The other two newspapers have disclosed plans to cut their staffs by as many as a combined 250 jobs.
BUSINESS
April 24, 2007 | James Rainey, Times Staff Writer
The Los Angeles Times announced Monday that it would offer voluntary buyouts in hopes of cutting its staff of 2,775 by as many as 150 employees -- seven months after two of the paper's top executives spoke out against such cuts. Publisher David D. Hiller said in an e-mail to the newspaper's workers that the reductions were necessary because revenue and cash flow continue to fall with the company about to be sold to Chicago real estate mogul Sam Zell.
BUSINESS
April 21, 2007 | James Rainey, Times Staff Writer
The Los Angeles Times is expected to announce Monday a plan to cut about 5% of its workforce, or approximately 150 jobs, as profits at the newspaper and its Chicago-based parent company continue to slide. Times executives said they expected most of the cuts, including nearly 70 newsroom positions, to come through voluntary buyouts. After the reductions, the newspaper would have about 2,625 employees. The news staff would shrink to about 850 people from 920.
BUSINESS
March 24, 2007 | John O'Dell, Times Staff Writer
Nissan North America Inc. said Friday that 775 workers at its vehicle and engine plants in Tennessee -- 12% of the factories' combined payroll -- had accepted a company buyout plan. Parent Nissan Motor Co., whose aggressive cost cutting led it to relocate its North American headquarters and 1,300 jobs from Gardena to Nashville last year, initially said it expected about 300 of the 6,200 factory workers to take the buyouts. Buyouts have been rare among Japanese automakers with U.S. factories.
BUSINESS
February 21, 2007 | John O'Dell, Times Staff Writer
In a rare move for a major Japanese automaker in the U.S., Nissan Motor Co. said Tuesday that it was offering a cash buyout to employees as it adjusts the product mix at its two Tennessee manufacturing plants. The company said improved manufacturing efficiencies also led it to offer the plan to cut about 300 of 6,200 jobs at the factories. Analysts cautioned against reading the move as a sign of trouble. "This is no big deal," said Ken Elias, a Scottsdale, Ariz.
BUSINESS
June 27, 2006 | John O'Dell, Times Staff Writer
In the largest employee buyout in U.S. corporate history, General Motors Corp. said Monday that nearly a third of its 113,000 manufacturing workers in the U.S. have agreed to quit or retire this year in return for cash payments of as much as $140,000 each. The program would cost GM nearly $4 billion but is expected to save money in the long run by reducing the company's healthcare and pension costs as it struggles to reverse huge losses and adjust to its diminished share of the U.S. auto market.
BUSINESS
June 16, 2006
More than 33,000 factory workers at General Motors Corp. and former subsidiary Delphi Corp. have accepted buyout offers, exceeding early expectations, the United Auto Workers union said.
BUSINESS
June 20, 2006 | John O'Dell
Ford Motor Co. said it expected 10,000 to 11,000 hourly workers at its plants in the United States to accept early retirement and other buyout offers by the end of the year. Ford plans to cut its payroll by 30,000 jobs over the next five years as part of an effort to return its North American auto operation to profitability. The United Auto Workers union said last week that 25,000 employees of General Motors Corp., which is also seeking to slash its hourly payroll, had accepted similar offers.
BUSINESS
June 19, 2006 | From Bloomberg News
Delphi Corp. will expand its buyouts of union workers after reaching an agreement with its second-largest union and getting former parent General Motors Corp. to help pay for it. Under the union agreement reached Friday, about 8,000 members of the International Union of Electrical Workers-Communication Workers of America are eligible for buyouts ranging from $35,000 to $140,000, Delphi said in a statement.
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