Ford Motor Co. plans to offer buyout and early retirement packages to more than 75,000 of its employees, a United Auto Workers union official said today. . . Ford lost $1.4 billion during the first half of the year and is under pressure from Wall Street to make further cuts and roll out new cars and trucks more quickly.
In July, the company pledged to accelerate its "Way Forward" restructuring plan, which when introduced in January called for cutting up to 30,000 jobs and closing 14 facilities by 2012.
Ford has about 300,000 employees. Even if the 75,000 figure includes the previously announced 30,000 layoffs, we are still talking about a 15% work force reduction, in addition to previously announced cuts.
The brands Ford, Lincoln, Mercury, Mazda, Volvo, Jaguar, Land Rover and Aston Martin are all affiliated with Ford.
General Motors now has about 327,000 employees. Both GM and Ford employ far fewer people than they did at their peak employment. Some GM's employees went to Delphi, the automative parts making which GM spun off, which has about 182,500 employees. General Motors once employed about 800,000 and was the largest employer in the nation when I first started looking at these numbers. Now, the largest employers in the United States are Wal-Mart (1.8 million), McDonald's (447,000 million), UPS (407,000, which is about half the employment of the United States Postal Office), Sears Holding (355,000 also declining), and Home Depot (345,000).