Toyota Motor Sales Statement Regarding Voluntary Exit Package
February 01, 2011
February 1, 2011 - Toyota Motor Sales, U.S.A., Inc. (TMS) today announced it has offered a generous Voluntary Exit Package to Managers in its Automotive Operations Group and Managers in Toyota Customer Services located at TMS Headquarters in Torrance, Calif. This voluntary program is part of an ongoing process of evaluating our operations and aligning them with our future growth. It will allow for further restructuring and enable us to expand areas of responsibility and increase efficiency.
There is no specific target for the number of associates who will participate in this voluntary program.
Eligible associates who elect to participate in the voluntary program will be offered the following exit package:
1) A transition assistance payment of twenty thousand dollars ($20,000); plus
2) An amount equal to two (2) weeks of salary for each completed year of service based on his or her seniority date; plus
3) An amount equal to ten (10) weeks of salary.
Associates will have until March 31, 2011 to decide if they want to participate in the VEP. Associates who elect to participate in the program will voluntarily exit on April 28, 2011.