Ford Reduces Employee Benefits

Washington DC November 2, 2006; The AIADA newsletter reported that Ford has launched a sweeping new round of benefit cuts on Wednesday for U.S. salaried workers and retirees, reported The Detroit News.

The cutbacks included elimination of company health insurance for Medicare-eligible salaried retirees in 2008, and, for the first time since 1993, the suspension of merit pay raises for salaried workers.

Ford reported a $5.8 billion loss in the third quarter of this year.