Firm to pay out $1,000 bonuses
Ford Motor Co on Wednesday said that it would pay out bonuses to all of its employees in North America - including $1,000 payouts to hourly workers - despite reporting a loss of $2.7 billion last year.
In a memo to employees at the automaker, Ford Chief Executive Alan Mulally said the board had decided to pay the bonuses because of the progress the company had made in a turnaround effort aimed at restoring profitability by 2009.
"While we fell short of our market share goals in the Americas and Asia, we fully met or exceeded our objectives in every other category, namely cost performance, quality, automotive cash flow and financial results," Mulally said in his note to staff.
In addition, the auto giant said that it would delay planned merit raises for salaried workers until July 1 from April 1 because of the tough market conditions it faces this year.
"While 2007 was a year of progress, the economic and business environment will be tougher than ever in 2008," Mulally said.
Ford said that most of its employees would receive their bonus payments on March 13.
Hourly workers, including about 54,000 represented by the United Auto Workers union will receive a lump-sum amount of $1,000, the automaker said.
Agencies
(China Daily 03/07/2008 page16)
