Ford Offers Buyouts: What We Know, How It Compares To GM

MICHIGAN — As General Motors prepares to layoff thousands of workers, including those in the white-collar ranks, Ford is quietly presenting its salaried employees with an early retirement package, according to reports.

Ford's offer was open to most salaried employees in North America 55 or older with at least 10 years with Ford, those 65 or older with at least five years with the company or any age with 30 years of service, the Detroit Free Press reported.

Ford didn’t give the total number of white-collar workers who have retired through the incentive program this year, though it’s expected that there will be fewer than 1,000 participants. Some employees have already been leaving the second half of the year, the report said, calling it a “steady stream” of farewell parties for Ford employees.

The deal was offered in the first half the year and is now closed.

This is in stark contrast to GM, which said this week that 2,250 of its salaried workers took a buyout, though the company had a target of 8,000. Layoffs are expected next month and financial advisers say the Ford deal was better than what GM workers were offered.

Ford reports having 70,000 salaried employees globally. The Dearborn-based carmaker has grown since the Great Recession, which industry analysts at Kelley Blue Book and Autotrader and Cox Automotive have noted frequently, the Freep reported.

Ford had 202,000 employees in 2017, up from 181,000 in 2013, according to annual reports.

The company has said nothing of layoffs. Executives have talked about fewer employees over time based on performance and necessity. Global employment numbers will be released in early 2019 as part of the annual report.

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