Buyout Program

Buyout Program

A program in which an employer asks employees to quit voluntarily in exchange for a lump sum payment, or a series of payments over a brief period of time. A buyout program generally is created when the employer is facing long-term financial difficulties. It releases the employer from the liability of continuing to pay salary, insurance, pension payments, and so forth. If a sufficient number of employees participate in a buyout program, the financial situation of the employer may improve sufficiently to avoid involuntary layoffs.
References in periodicals archive ?
Most of the previous buyouts were funded through the Federal Emergency Management Agencys (FEMA) Hazard Mitigation Grant Program, which approved more than $163 million for the Blue Acres Buyout Program, and which has been processed through the New Jersey Office of Emergency Management.
After a brief discussion, the Lane County Board of Commissioners on Tuesday unanimously approved a buyout program for which hundreds of county employees will be eligible.
The issue, however, with any buyout program is that the average Turkish man still cannot afford to pay TL 18,000.
From its pending website to its new buyout program, the Fight Sallie Mae Project is sure to make a much needed change in the lives of students.
The Re-Create New York CDBG-DR program offers homeowners impacted by severe flooding during Superstorm Sandy the opportunity to voluntarily enter a home buyout program.
In addition to building and design services, Grenadier Homes offers its customers assistance with selling and financing their current homes, a mortgage calculator to make the financial data clearer, a private mortgage insurance buyout program, and a contingency program that provides customers with a 100 percent refund if they aren't able to sell their homes.
He still grows some tobacco, albeit on a much smaller scale due to the tobacco buyout program, which the federal government introduced to help farmers transition to other types of farming.
O Smith said FedEx would reduce its workforce Oby several thousand peopleO via a voluntary buyout program.
MediaNews Group's Denver Post got 19 takers for its newsroom buyout program, the Denver Business Journal reported last week.
The credit union is continuing to give raises and implemented a vacation buyout program so that long-term employees that have racked up vacation days can trade them in for additional income.
hourly workers have left General Motors Co on August 1 under the automaker's latest buyout program in a bid to trim costs.
Managing director Dominique Strauss-Kahn launched an employee buyout program to cope with a budget shortfall due to dwindling demand for its loans.