Does anyone know how this will work - who will be eligible for this Voluntary Retirement Program, what kind of terms would the company offer to us. Here is my situation. I am 61 years old and I've been with the company for about 18 years. I've been working full time since I was 20 years old, but not all of this time was spent with CAT. I have 2 years of work experience with Coast Guard. Does someone have any ideas how this Voluntary Separation Program will work
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Back during the recession of 2009, Cat offered an open buyout program to encourage older employees to retire. The problem was that mostl younger works took the buyout instead. So this time around they set criteria to prevent the same thingfrom happening, because lets face it, older workers tend to be in the upper part of their pay grade. In this case, they are setting age 55 and older as the limit and letting the oldest workers go first. Each business unit has a set number of employees they will allow to go, depending on how that particular business unit is doing financially and if the corporation intends to shut it down.
It depends from business unit to business unit. Some business units are offering it to ANYONE over 55, and others are adding more criteria to the mix.
I would like to know the same, I'd like to volunteer, I am over 65