3M Plant Offers Buyouts to Workers
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Employees at the 3M plant in Camarillo will be offered special incentives to quit or retire as part of an ongoing, companywide effort to trim payroll costs, executives announced Thursday.
The buyout program would pay each worker who agrees to the deal 1 1/2 weeks’ pay for every year of service to the company, which manufactures computer-related products.
Plant manager Chuck Byrne said the incentives are part of an effort to reduce 3M’s work force worldwide. About 600 people work at the Camarillo plant.
In addition to the cash buyouts, employees taking advantage of the offer would be given medical benefits for at least six months after they leave the company.
Employees over 55 also would receive supplemental benefits until they become eligible for Social Security, Byrne said.
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