Ford Deferring Merit Raises: Ford Motor Co....
From Times Staff and Wire Reports
Ford Deferring Merit Raises: Ford Motor Co. announced that it was deferring first-quarter merit pay raises for 55,000 salaried workers in the United States to cut costs in a soft and unpredictable auto market. The move “is a recognition that the future is somewhat uncertain because of weak auto industry sales and slowing economic growth, along with an increasingly competitive environment,” the company said. Ford’s move follows one by General Motors Corp., which said this month it plans broad cost cuts designed to save more than $1 billion. Ford did not say how much it expected to save with the program but added that it was part of an effort to cut costs and increase efficiency.
