Ford Cuts Benefits

By: Associated Press
By: Associated Press

White-collar workers at Ford not only won't get pay raises next year.

They'll also pay more for health insurance under.

In addition, Ford will stop providing health insurance for Medicare-eligible salaried retirees over 65 starting in January 2008.

The automaker will give each retiree $1800 that can be used to buy supplemental medical coverage.

The changes in benefits aren't limited to cuts. Ford is restoring a company match to its 401K plan, paying 60 cents on the dollar up to five percent of an employee's base salary.

The company lost seven and-a-quarter billion dollars in the first nine months of 2006.

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