Caterpillar Inc. last week said it is offering a voluntary early retirement incentive package to approximately 2,000 production employees in Illinois Caterpillar facilities (Aurora, Decatur, Joliet, Pontiac and the Peoria area) as well as in Denver; Memphis, Tenn.; and York, Pa.
"We recognize these are extremely difficult and uncertain times for our employees,” said Sid Banwart, Caterpillar vice president with responsibility for the Human Services Division. “In offering this package, our intent is to provide eligible employees the opportunity to retire early as we expect significant declines in all geographic regions in most industries due to difficulties in the global economy."
This company-initiated incentive is being offered in accordance with Caterpillar's Non-Contributory Pension Plan. Eligibility for this package is based on a combination of age and credited service.
The incentive plan is in addition to other previously announced workforce reductions related to production employees. Consistent with previously announced plans, and depending on business conditions, more voluntary and involuntary workforce reductions may be required as the year unfolds.
Caterpillar Inc. is headquartered in Peoria, Ill.