Ford announces final severance settlement offers

Ford has continuously made efforts to negotiate a fair and reasonable severance package with the Union, spanning 68 meetings, since the announcement of business reconstruction.

The Company has decided to roll out the final severance settlement offer to employees which on average is equivalent to 130 days of gross wages per completed year of service. The final severance settlement offer communicated by the Company exceeds what the applicable statutes call for and is higher than the industry benchmarks.

With a cumulative average severance of Rs 41 Lac per employee, the final severance settlement offer translates to an average of about 4.6 years / 56-month salary for each employee, assuring employees with adequate financial cushion and adequate time to decide their next action.