Toyota Offers Buyout Packages
Perhaps in response to some of the turmoil the automaker experienced over 2010, Toyota Motor Sales USA revealed Tuesday afternoon that it has given two groups of managers the opportunity to accept voluntary exit packages.
The automaker said it doesn’t have an exact goal as far as the number of managers it wants to take the offer.
The offer was extended to managers in its automotive operations group and Toyota customer services located at its Torrance, Calif. headquarters.
There are 629 associates who are eligible for the voluntary program, according to a company spokesperson. Toyota Motor Sales currently has about 6,100 associates.
“This voluntary program is part of an ongoing process of evaluating our operations and aligning them with our future growth,” officials said in a statement. “It will allow for further restructuring and enable us to expand areas of responsibility and increase efficiency.”
The exit package includes the following:
—A $20,000 transition assistance payment.
—Two weeks of salary for each completed year of service based on his or her seniority date.
—10 weeks of salary.
March 31 is the deadline to take the exit package. The exit date for those choosing the exit package is April 28.