New Chrysler offers early hourly retirement

Posted on Monday, November 2nd, 2009 at 1:59 PM EST.

Chrysler Group LLC is offering early retirement packages to its hourly UAW workers for the first time since exiting bankruptcy, the company confirmed Friday, the Detroit Free Press reported.

The offer is open until Nov. 13, the paper said, and nearly identical to the incentives offered last year and early in 2009. Younger workers who have been with the company at least one year can leave with a taxable payment of $75,000 and a $25,000 vehicle voucher, the Free Press said. They would retain Chrysler health care coverage, excluding dental, for six months with the option of buying 6 to 18 months of additional coverage, the story said.

For workers between 55 and 62 and at least 10 years with Chrysler, there is a special early retirement program that provides full pension benefits, based on years of service, but no lump-sum payment or vehicle voucher, the Free Press said. Those ages 55 to 59, whose age and years of service equal 85 or more, or age 60 with 10 or more years, will receive a pretax payment of $50,000 and the $25,000 vehicle voucher, as well as their earned pension benefits, the story said. (Detroit Free Press)

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