Ford retreats from worker buyout deadline

DEARBORN, Mich., May 22 (UPI) -- U.S. auto giant Ford Motor Co. retreated from a deadline offered to 42,000 hourly workers to sign up for a job-buyout, the company said.

The original deadline for the deals offered April 1 was Friday, The Wall Street Journal reported. But the company opted to continue the offer for five more weeks.

Skilled trade workers eligible for retirement now have until June 26 to decide on accepting $40,000 in exchange for their jobs, while production workers eligible for retirement were offered $20,000.

For those with less time at the company, the deal includes either a cash buyout of $50,000 or an education package that includes half their salaries, health benefits and two-years of tuition up to $15,000 a year.

Some workers who take the deal are also eligible for a $25,000 voucher for a new Ford vehicle, the company said.