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Chrysler cancels life insurance for non-union, white-collar retirees |
Unfortunately for Chrysler's army of some 14,000 white-collar retirees, the automaker has announced that it will be cutting the free life insurance that workers were previously covered by. Those affected will be given a one-time opportunity to buy into the plan themselves, which offers coverage equal to their last year of pay if retired before 2003 or $50,000 for those who retired after the cutoff. They're also eligible for receiving a $4,000 bump in their pensions. Of note is that the cancelation does not affect any union-represented workers or retirees. Clearly a cost-cutting measure for the company, we're not sure how much it will actually save Chrysler per year, but apparently it's enough. Since those affected no longer work for the company, Chrysler knows that the move will not affect how its business currently runs, and since these workers aren't unionized, there's not much they can do about it, either.
[source]
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