Ford says no merit pay increases in 2011
Ford Motor Co said on Thursday that there would be no merit pay increases in 2011 for salaried workers in the United States and Canada, a company spokeswoman said.
January 14, 2011 / 14:49 IST
Ford Motor Co said on Thursday that there would be no merit pay increases in 2011 for salaried workers in the United States and Canada, a company spokeswoman said.
The No 2 US automaker by sales determined that its pay is competitive with other companies that it considers comparable, including General Motors Co and Chrysler Group LLC.Ford will still mete out bonuses in 2011, Ford spokeswoman Marcey Evans said. Ford made merit pay increases in 2010.Ford said it determined this year that its pay was on par with the compensation packages offered at more than 20 other companies that it considers comparable on the basis of financial metrics, employee size and type of work.These companies include diversified manufacturer 3M Co, technology and services provider International Business Machines Corp Johnson & Johnson, which makes Band-Aid adhesives and Listerine mouthwash."Our base salaries are competitive with those companies and since they are competitive, the decision was made not to make merit pay increases this year," Evans said.The announcement on pay was made on Thursday in an e-mail sent to salaried employees by Mark Fields, who heads Ford's operations in North and South America.The Detroit Free Press first reported the news.Ford has more than 20,000 salaried employees in the United States and Canada. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
