Business Services Industry
Michigan Auto Supplier Visteon Halts 401(k) Matches, but Gives Some Raises.
Knight Ridder/Tribune Business News, December, 2001
By Jamie Butters, Detroit Free Press Knight Ridder/Tribune Business News
Dec. 3--Visteon Corp. has joined other major players in the auto industry that are trying to save money by suspending contributions to employee retirement accounts. But the Dearborn auto supplier has also decided to grant substantial raises to hundreds of underpaid salaried workers.
Visteon told employees last week it would suspend its contributions to 401(k) retirement accounts for 9,900 U.S. salaried workers as of Jan. 1. Former parent Ford Motor Co. will do the same with 45,000 white-collar employees, among other cost-cutting moves it plans to announce this week.
Visteon, the world's third-largest auto-parts maker, sent an e-mail to employees Thursday outlining...
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