While the overall health of the automobile industry has markedly improved in the last three years, with several manufacturers showing record U.S. sales, the companies are all looking to contain their mounting future costs and deal with an aging workforce.
With that in mind, Toyota Motor Corp. announced last week that it would be offering early retirement incentives to about 2,000 of its employees at its U.S.-based plants, where many of its cars and SUVs are assembled for the American market.
According to Reuters, the company says the retirement program has been created to begin to address the risks of the eventual depletion of an aging workforce. And, not coincidentally, to allow the company to circulate more new hires at lower wage rates.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.