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 ?
Fourth quarter operating income was negatively affected by lower FedEx International Priority package and freight revenues at FedEx Express, higher costs at FedEx Ground and business realignment costs primarily associated with the U.S.-based voluntary employee buyout program. Partially offsetting these factors were the benefits from U.S.
In an effort to make its operations a little leaner, Kohl's ((https://finance.yahoo.com/quote/KSS?p=KSS&.tsrc=fin-srch) KSS ) is offering a buyout program to a portion of its salaried workers.
But in Harris County, which has had its own buyout program since the 1980s, the process is no simple matter.
The buyout program was initiated despite the automaker's strong third-quarter financial results.
Itwill help fund a vast flood-related home buyout program, the completion of several long ongoing bayou-widening projects, an improved early flood warning system, new floodplain maps and dredging behind two massive, World War II-era dams that were built to protect central Houston from catastrophic flooding but became a flashpoint after Harvey when thousands of homes on both sides of the dams were inundated.
The nearly $123 million voluntary buyout program serves as a national model for similar efforts.
Missouri senators have passed a buyout program targeting homes near a St.
The number of employees agreeing to the buyout program could rise as the deadline for postmarking written requests was August 31, Petrobras said.
Discovery Communications is looking to slash $40 million-$60 million in personnel costs with a voluntary buyout program disclosed last month.
Bozievich praised county management for reducing county employee health care costs in 2015, by moving to a self-insured model and by offering an employee buyout program negotiated in exchange for cheaper health insurance for some incoming county workers.
The issue, however, with any buyout program is that the average Turkish man still cannot afford to pay TL 18,000.
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.