Toyota is providing retirement incentives to the veteran workers
|   Thursday, December 06, 2012
Toyota, the brand renowned all over the world as a vehicle manufacturing corporation is one of the largest automobile manufacturing company of the world. Headquarter of the company is situated in Japan. The Toyota Motor Corporation had been established in the year 1937 and currently it is one of the leading companies in the world by revenue. Recently the company has taken a great step forward to provide support to their staff and employees.
In the recent times Toyota Motor Corp has announced that they are going to give retirement incentives to a number of employees working all around the world.


The eligible employees include about 2,000 workers who are working in different plants, offices and factories of US, comprise almost 10 percent of the total workers working there. Also about 1,600 workers of different places like Georgetown, Kentucky are eligible under the incentive scheme, which makes out 25 percent of the employees working there.

Toyota started employing people 25 years ago in Kentucky and the factory opened in the year 1988. The industrial unit manufactures the Camry sedan, Avalon large sedan and Venza crossover vehicle.

Mike Goss, the orator of Toyota Motor Corp make this announcement. He said that this initiative is in an effort to manage various wear and tear of its aging work force. He also said that employees who toil for 25 long years at Toyota are meeting the criteria for retirement with full medical benefits, annuity and a pay of 401,000.

Also the people who have worked at Toyota for 22 or more years are qualified for this offer. They have every right to purchase the years which is needed to be eligible for full retirement. Mark Goss refused to mention the amount of money it will take to purchase those years.

Employees are getting huge advantages from this scheme as it will help to fulfill all the criterias of his/ her retirement age and thereby securing his future.

The retirement offer is not only helping the employees. It is also helping Toyata to curtail their manufacturing labor expenses as the veteran workers who are more experienced in this field are earning more money comparing to the workers who are starting fresh.

The company provides work for about 20,000 people in the United States, as well as about 6,600 at the Georgetown factory that started construction in the year 1988 and has a yearly manufacturing capability of 500k vehicles. According to the reports of The Wall Street Journal, Mark Gross said that the company is expecting about 20 percent to 25 percent of individuals, who are eligible, to take the offer.

Mark Goss said that every individual employee under the offer will acquire a lump-sum imbursement equivalent to two weeks pay for each year of their service up to 25 years in addition to eight additional weeks of disburse. In return, the employees must give their consent to depart on a schedule place by the company.
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