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Toyota Offers Buyouts to 2,000 U.S. Workers
Toyota Motor Corp. is making early retirement offers to about 2,000 veteran U.S. employees, most of whom work at its Georgetown, Ky., assembly plant, the Lexington Herald-Leader reports.
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Toyota Motor Corp. is making early retirement offers to about 2,000 veteran U.S. employees, most of whom work at its Georgetown, Ky., assembly plant, the Lexington Herald-Leader reports. The company plans to fill all the resulting vacancies.
Toyota tells the Kentucky newspaper that it wants to ensure an orderly workforce transition as employees hired en masse when the Georgetown factory opened in 1988 all approach retirement at the same time.
In the next two years, those workers will mark 25 years of service the point at which they can retiree with full medical benefits.
To avoid a mass exodus, Toyota is offering about a year's pay to eligible employees who agree to retire at company-specified intervals between February 2013 and January 2014.
The staggered departures will allow Toyota to train new workers in stages. The company says new hires will come from its temporary workforce, which will then be replenished.
The buyout program is open to employees who will have at least 22 years of service by March 31. About 80% of them work in Georgetown. Most of the rest started there and transferred to other Toyota facilities.
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