Citing high costs and weakness in its North American operations, Ford Motor Co. has announced that it will cut 1,700 jobs from its North American plants. This 5 percent reduction comes on the heels of the company's April decision to cut 1,000 jobs. Ford also will eliminate bonuses this year for salaried management employees, and suspend the matching company portion in its 401(k) plans for salaried employees effective July 1.
See "Ford Cutting Another 1, 700 Positions", Associated Press, The New York Times, June 21, 2005