2021 Benefits Changes and Voluntary Retirement Opportunity ...

[Pages:1]2021 Benefits Changes and Voluntary Retirement Opportunity Announced

Even before the COVID-19 pandemic, Honda was facing a very difficult business environment. Like all automakers, we are working to introduce new technologies like autonomous driving and electrification that will cost Honda and the industry billions of dollars. In preparing for this new business reality, we realized we must implement new strategies and options to secure our future.

On Friday, April 17, Honda will send an important mailing to associates' homes announcing a Voluntary Retirement Opportunity (VRO). Honda will offer retirement eligible associates the opportunity to retire under a special program and receive enhanced retirement benefits as we seek a respectful way to create a leaner regional workforce.

Based on anticipated acceptance rates of the VRO, we will need to take additional measures to reduce exempt/salaried staff toward aligning our regional workforce needs with the future of our business. These measures will include a voluntary severance at a lesser value than the VRO, and/or the need to apply an involuntary separation approach for exempt/salaried staff.

The home mailing will also include changes Honda is making in 2021 to its medical plan options, contributions and the retiree medical program in an effort to reduce costs by standardizing and simplifying programs across the U.S. region.

These business decisions are designed to ensure that Honda can compete, thrive and continue to provide products our customers desire in the future.

So, please watch for this important information so that you understand the changes Honda is making.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download