An early retirement program, designed to reduce the workforce at Inco Ltd.’s (TSE) Sudbury, Ont., nickel operations and cut costs, has attracted an overwhelming response from eligible employees.
According to Inco, the voluntary retirement program for hourly and staff employees has attracted 1,169 applicants out of 1,670 who were eligible for early retirement. The results of the early retirement incentives indicate that 878 hourly-wage employees of the 1,295 eligible and 291 staff employees of the 375 eligible have elected to participate in the program. To accommodate operational requirements, about 150 employees have offered to postpone their retirement dates from one to five months.
As a result of the program, the Ontario Division workforce, including the Port Colborne refinery, now stands at about 7,100.
Be the first to comment on "Inco retirement plan proves popular"