Carmaker Ford is to offer redundancy and early retirement packages to all of it more than 75,000 US workers.
Carmaker Ford is to offer redundancy and early retirement packages to all of its more than 75,000 US workers.
The troubled firm said it was prepared to make individual buyout offers of up to $140,000 (£74,100).
The troubled firm said it was prepared to make individual buyout offers of up to $140,000 (£74,100).
Ford, which posted a $123m (£66.5m) loss in the second quarter of 2006, is seeking to cut costs as it tries to turn its performance around.
Ford, which posted a $123m (£66.5m) loss in the second quarter of 2006, is seeking to cut costs as it tries to turn its performance around.
In January, the Detroit-based company said it would cut up to 30,000 jobs and close 14 plants by 2012.
In January, the Detroit-based company said it would cut up to 30,000 jobs and close 14 plants by 2012.
Ford's own forecasts have indicated that the firm could report a $9bn loss for the year.
Ford's own forecasts have indicated that the firm could report a $9bn loss for the year.
Separately, two senior Ford executives, including chief operating officer Anne Stevens, announced they were stepping down a week after new chief executive Alan Mulally replaced former boss Bill Ford.
Separately, two senior Ford executives, including chief operating officer Anne Stevens, announced they were stepping down a week after new chief executive Alan Mulally replaced former boss Bill Ford.
'Good package'
'Good package'
The pressure for Ford to accelerate its current restructuring efforts has reached a crescendo John Murphy, Merrill Lynch
The pressure for Ford to accelerate its current restructuring efforts has reached a crescendo John Murphy, Merrill Lynch
United Auto Workers (UAW) official Chris Kimmons said Ford would be offering his members a number of deals depending on their years of service and retirement eligibility.
United Auto Workers (UAW) official Chris Kimmons said Ford would be offering his members a number of deals depending on their years of service and retirement eligibility.
"I think it's a good package," he said.
"I think it's a good package," he said.
"I think they worked real hard on it. They've [Ford's bosses] got to do something to help Ford out of this crisis."
"I think they worked real hard on it. They've [Ford's bosses] got to do something to help Ford out of this crisis."
"The pressure for Ford to accelerate its current restructuring efforts has reached a crescendo," said Merrill Lynch analyst John Murphy.
"The pressure for Ford to accelerate its current restructuring efforts has reached a crescendo," said Merrill Lynch analyst John Murphy.
UAW president Ron Gettelfinger said that once again it was his members being asked to step up "to make hard choices under difficult circumstances".
UAW president Ron Gettelfinger said that once again it was his members being asked to step up "to make hard choices under difficult circumstances".
"Now, it's Ford Motor Company's responsibility to lead this company in a positive direction which means using the skills, experience and dedication to quality that UAW members demonstrate every day in order to deliver quality vehicles to customers," he said.
"Now, it's Ford Motor Company's responsibility to lead this company in a positive direction which means using the skills, experience and dedication to quality that UAW members demonstrate every day in order to deliver quality vehicles to customers," he said.
Possible Aston sale
Possible Aston sale
In July, Ford hired an independent adviser to carry out a strategic review of the business in an effort to return to profitability.
In July, Ford hired an independent adviser to carry out a strategic review of the business in an effort to return to profitability.
And last month, it announced its luxury UK car brand Aston Martin - made famous by James Bond - could be sold off under its shake-up plans.
And last month, it announced its luxury UK car brand Aston Martin - made famous by James Bond - could be sold off under its shake-up plans.
There are also suggestions that Ford needs to cut back on the number of models it makes under its eight brands.
There are also suggestions that Ford needs to cut back on the number of models it makes under its eight brands.
Ford currently operates the Ford, Land Rover, Mercury, Lincoln, Jaguar, Volvo and Aston Martin brands, and has a joint operation with Japan's Mazda.
Ford currently operates the Ford, Land Rover, Mercury, Lincoln, Jaguar, Volvo and Aston Martin brands, and has a joint operation with Japan's Mazda.
Around the globe Ford employs a total of 300,000 workers.
Around the globe Ford employs a total of 300,000 workers.
Are you a Ford employee? How will you be affected by the potential job cuts? Send us your experiences using the form below:
Are you a Ford employee? How will you be affected by the potential job cuts? Send us your experiences using the form below:
