Chrysler offers details to job-cut plan

NEW YORK (CNNMoney.com) -- DaimlerChrysler's Chrysler Group said Friday it will offer buyout plans and early-retirement incentives to eligible employees as part of its goal to cut 1,000 jobs by the end of June.

Salaried workers over age 53 with 10 or more years of seniority will receive buyout offers effective June 30.

Early retirement packages will be offered to salaried workers over age 62 and effective as of the end of May, the automaker said. Incentives include three months salary and either a $20,000 car voucher or a $20,000 contribution to the Retirement Health Care Account.

Younger workers and those with less seniority are not eligible for the buyout offers.

The attrition program is the first action under a previously announced turnaround plan that targets a total of 13,000 job cuts.

The job cuts represent 16 percent of the staff at the North American unit of DaimlerChrysler, as it eliminates 9,000 U.S. factory workers and another 2,000 factory workers in Canada over the next three years. In addition, 2,000 salaried staff cuts will be spread over the next two years.

Shares of DaimlerChrysler (Charts) rose on the New York Stock Exchange Friday.

-- from staff and wire reports

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