Ford Motor Company said it would start staff layoffs this week, mainly affecting engineering jobs in the US and Canada, as part of cost-cutting measures to boost growth and increase profit.
The job cuts are likely to affect the Michigan-headquartered car manufacturer’s three business units – Ford Blue, the traditional combustion engine operations; Model e, the electric vehicle unit; and Ford Pro, the fleet service business.
However, the company did not disclose the exact number of job cuts.
“People affected by the changes will be offered severance pay, benefits … this is related to the Ford+ growth plan we introduced in 2021,” Reuters quoted Ford as saying.
“Delivering on the plan includes adjusting staffing to match focused priorities and ambitions while raising quality and lowering costs.”
Ford did not reply immediately to The National’s request for comment.
The company’s stock was up 1.42 per cent at $14.21 a share at 6.55pm UAE time on Tuesday.
Ford reported a 20 per cent annual surge in first-quarter revenue to $41.5 billion. Its net income rose to $1.8 billion compared with a net loss of $3.1 billion in the same period last year.
Last month, Ford said it was expecting to take up restructuring charges between $1.5 billion and $2 billion this year as part of its strategy to move from unprofitable locations and cut headcount.
The charges will be “primarily attributable to employee separations and supplier settlements”, the company said in a regulatory filing.
“We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses,” it added.
In February, Ford announced plans to slash 3,800 jobs in Europe over the next three years as it shifted its focus to EVs.
The company said it intended to cut 2,300 jobs in production development and administration in Germany, 1,300 in the UK and 200 in other parts of Europe, where it employed nearly 34,000 people.
In July last year, the company reportedly said it would cut 8,000 jobs in its Ford Blue business arm. It also revealed plans to slash 3,000 employees and contract workers across various departments in the US, Canada and India in August.
US-based employers announced 80,089 cuts in May, marking a 287 per cent annual increase and a 20 per cent increase from the 66,995 cuts announced in April, according to a report by research company Challenger, Gray & Christmas.
In the first five months of this year, US companies have announced plans to cut 417,500 jobs, a 315 per cent annual increase, the report, released earlier this month, found.
It is the highest January-May total since 2020, when 1,414,828 cuts were recorded during the Covid-19 pandemic.
With the exception of 2020, it is the highest total in the first five months of the year since 2009, when 822,282 cuts were tracked.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The five pillars of Islam
