The move to restore partial matches will impact roughly 45,000 salaried workers’ 401(k) plans. Under the terms of the match, Ford will match contributions at a rate of $0.60 cents per dollar up to 5% of an employee’s base salary. Partial matches to the automaker’s salaried employee 401(k) plan were suspended in 2002, according to a Dow Jones report.
As for the restoration of bonuses tomiddle- and upper-management employees, the move marks the first time in three years that Ford has paid bonuses to those employees. About 6,200 executives worldwide will be eligible for bonuses.