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 ?
What would a successful buyout program in Harris County look like?
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.
The city of Rahway, in Union County, is the latest community to join the growing list of flood-prone towns to seek and accept buyouts from the Department of Environmental Protections Superstorm Sandy Blue Acres Buyout Program.
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.
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.