by Several automakers plan to reduce their workforce, and some are using generous financial incentives to encourage people to leave the company. One of the latest is Stellantis, which reportedly offers certain hourly employees exhausting weekend payments worth up to $72,000.
While this doesn’t compare to the six-figure payouts offered [by someone else], it’s still a significant amount of money. This is especially relevant if you’re already considering retirement.
Reports claim that the company offers buyouts in more than 20 locations – from assembly plants to parts distribution centers – in the Midwest. To qualify, employees must have worked at the automaker for at least a year. However, to receive the maximum payout, you would need long service.
Although details are unclear, people with less than 15 years of experience will receive only up to $50,000. It is also said that the company offers a “$50,000 incentive for employees hired before November 2007 who are eligible for full retirement benefits”.
Everyone’s situation is different, but employees have until May 8 to accept the offer. However, not everyone is sure this is the right move. One Detroit employee said, “It’s not enough money,” as it will be “very difficult to find a job with the benefits, salary, and union representation that we have here”.
Time will tell how many people accept the company’s offer. Stellantis states that the buyouts are part of an effort to increase efficiency and remain competitive. The union has a different view, blaming management and its “severe lack of management” in the crisis.
