That's Mother of All BUYOUTS.
Hadn't seen this on the site before, but it's important enough to diary. According to a report I saw... well take a below the imaginary fold.
Ford is offering buyouts to all of its 41,000 UAW employees.
REPORT: Ford offering all 41,000 UAW workers buyout packages
According to Ford spokesman Mark Truby, "Despite a strengthening in our business, we still have a surplus in employees." Union employees to be specific. As such, Ford has just announced plans to reduce its unionized workforce by offering a buyout package to all 41,000 UAW members currently employed by the automaker.
There rest of the article goes on to quote Reuters on the specifics of the buyouts and who is eligible. Apparently it applies to employees of at least 1 year experience and has provisions for pensions and new vehicle vouchers. New hires would start at UAW negotiated minimums of $14 an hour which is apparently half of what the bought-out workers would get. I'm not familiar with the UAW contract to say what else the new hires would start at. I assume new hires would not be unionized as per the language in the report, but I am unfamiliar with how the rules are set up. If someone more knowledgeable in the comments could help out that would be great. Is Ford closed-shop?
The buyout would take place in February.