The sign is seen outside the FCA US LLC headquarters and technology center as it was changed to Stellantis on January 19, 2021 in Auburn Hills, Michigan. The newly created European automaker Stellantis was able to make its way on January 18, 2021 to the Paris and Milan Stock Exchanges. Stellantis – created by the merger of France’s PSA and its US-Italian rival Fiat Chrysler – is the world’s fourth largest automaker by volume. (Photo by JEFF KOWALSKY / AFP) (Photo by JEFF KOWALSKY / AFP via Getty Images)
Jeff Kowalski | AFP | Getty Images
DETROIT — Automaker Stellantis, formerly Fiat Chrysler, has introduced voluntary buyouts to US pension-paying employees, the company confirmed Monday.
To be eligible, an employee must be at least 55 years old and have been with the company for 30 years or at least 58 years old with 10 years of employment. Union-paid employees are not eligible for takeovers that were initially sent at the end of October.
A Stellantis spokeswoman declined to say how many of the company’s 14,000-plus locally paid employees are eligible for the program, or whether the automaker has a target for the number of workers who want the packages.
Employees who have been offered the packages are already eligible to retire. The company cited the acquisitions as a way to help its pivot to focus more on electric vehicles.
“Stylantis is moving forward strongly on its journey to become the market leader in low-emission vehicles,” the company said in an emailed statement. “To aid our transition, and to align our business priorities with a new set of core skills and investment opportunities, Stellantis North America is offering a voluntary retirement program for eligible members of our team.”
The targeted offerings, first reported by Automotive News, are the latest as US automakers transition to electric vehicles. Ford Motor Company has offered purchases to salaried workers at least twice since 2020. GM also announced purchases in 2018 as part of the restructuring.
Stylantis owns 14 brands, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati. During the event, she highlighted the electrical plans of several of her brands. It was formed through a $52 billion merger between Fiat Chrysler and PSA Groupe in January.