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Home Market Research Business

Stellantis offers new buyouts to US factory workers

by TheAdviserMagazine
7 months ago
in Business
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Stellantis offers new buyouts to US factory workers
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Stellantis has initiated a voluntary buyout programme for select US factory workers, reported Detroit Free Press.

The buyout offering at facilities in Detroit, Ohio, and Illinois comes as the automaker aims to reduce expenses after facing challenges in 2024.

The offer, termed the Voluntary Termination of Employment Program (VTEP), is available to hourly employees at over 20 plants and parts distribution centres across Detroit and Toledo, as well as some workers in Illinois.

To be eligible, workers must have at least one year of experience.

The buyout amounts range from $50,000 for employees with up to 15 years of service to $72,000 for those with over 25 years, including six months of medical benefits.

The automaker was cited by the news agency as saying in a statement from spokesperson Ann Marie Fortunate: “Stellantis continues to review its operations to improve efficiency and protect its competitiveness in a very dynamic market.”

The buyout programme follows a year in which Stellantis saw a sharp decline in vehicle sales and profits in North America, leading to the departure of its CEO and layoffs of thousands of workers.

The United Auto Workers (UAW), representing most Stellantis factory workers, has negotiated a package with the new leadership team to provide workers with more possible options, reported Reuters.

“For those ready to retire, there’s a clear path. For others, voluntary termination is now on the table,” the UAW added.

Stellantis chairman John Elkann is currently leading the search for a new CEO, expected to be announced in the first half of this year.

“Stellantis offers new buyouts to US factory workers” was originally created and published by Just Auto, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.



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