Life@Ford has updated the phased retirement statement for this year.
The Phased Retirement Program will not be available in 2020.
8 replies (most recent on top)
Deutsche bank says Ford has only enough liquidity to survive current conditions for 15 weeks. So will Ford and suppliers be meeting production numbers by August 1st?
Will customers be back buying our profitable trucks and SUVs?
In my mind option c is likely:
Ford will likely need government bailout and currently Ford bonds are not investment grade. We are burning $1B/week while shut down.
Right now it is important to appear to be to big and important to fail. The government needs to prioritize Ford over other junk rated companies with lots of employees (like Macy's). Ventilators and workforce size are key points
The company will be in such bad shape that everything will be reduced just to hopefully survive. Survival will depend on quality products people want, China parts, and components willl be shunned. Supply chain for everything must return here in the USA Motherland especially medical and computer components....!!!!
The company will be in such bad shape that everything will be reduced just to hopefully survive. Survival will depend on quality products people want, China parts, and components willl be shunned. Supply chain for everything must return here in the USA Motherland especially medical and computer components....!!!!
That is not a good sign. I would imagine that harsh countermeasures are being contemplated.
These are unusual times. Stay at home!
Well, in my mind this can mean one of two things:
(a) On the negative side, they have already realized (or maybe planned all along before the virus even came) they need a 2nd round of SRD, and they can save a bit of money by not doing PRP and just doing the regular severance package , or
(b) They are thinking the virus impact will last longer than early May, and plan to have a rotating furlough and have pay people for working 4 days a week while still expecting 5 to 6 days or work anyway (I am thinking everyone will be working the former TWA schedule of four 10 hour + days and have one day "off").
Option 'b' slightly more positive in that you keep your job, but will mean reduction of income for all the GSR's and maybe the L6's - likely for the rest of 2020.
BTW, there is nothing from stopping you from retiring this year if you want, just not on a sweetheart deal. If you can wait until next year to retire, you should anyway, to see what the new normal will be in 2021.
It has been prophesized. So it goes.
Thank you! I just checked myself and it's true. I guess I won't be retiring this year. :(