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Today Date : Monday, May 27, 2024

Ford offers Final Severance Settlement Package for its employees

Ford offers Final Severance Settlement Package for its employees

In view of the closing down of its Chennai manufacturing plant's operations Ford 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, according to an official communication from Ford.

With a cumulative average severance of Rs 41 Lac per employee (from a minimum amount of Rs 33 Lakhs and a maximum cap of Rs 85 Lakhs), the final severance settlement offer translates to an average of about 4.6 years / 56-month salary for each employee (from a minimum of 3.5 years i.e., 43 months to a maximum of 8 years i.e., 100 months), thus assuring employees with adequate financial cushion and adequate time to decide their next action.