Ford Brings Back the 401(k) Match
Ford Motor Co. will reinstate its 401(k) match in 2010, according to a company announcement.
The Detroit Free Press reported that according to a memo to employees from Mark Fields, Ford’s president of the Americas, starting January 1 the company plans to reinstate 401(k) matches for up to 5% of base pay.
The company is also bringing back salaried tuition assistance for classes on or after March 1, and merit increases.
The actions apply to Ford’s salaried U.S. employees in the United States, Ford spokeswoman Marcey Evans told the newspaper.
Ford eliminated merit pay and other benefits in 2006—the same year it posted a $12.6 billion loss and launched its turnaround plan. The automaker eventually lost $2.7 billion in 2007 and $14.6 billion in 2008.
Evans said the company had told workers the benefits would be put back in when conditions improved. “The company really is committed to providing employees with a competitive compensation package,” she said, according to the news report.
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