Yahoo Finance Caesars Windsor offering early retirement packages
Caesars Windsor is offering early retirement packages to some employees in a move the union says is designed to bring other employees back from layoff.
The "enhanced retirement packages" are similar to the buyouts commonly offered in the manufacturing industry, but they are not the same, said Dino Chiodo, the president of Unifor Local 444.
"I don't want to say it's a buyout program," he said. "It's more of a package that we're trying to put out there for individuals to be able to take advantage of and be able to give them an opportunity to have an enhanced incentive if they're interested in leaving Caesars Windsor."
The retirement age is currently 65, but while this offer is on the table, employees older than 60 can opt-in.
He said the packages will help secure work for the employees on layoff and could potentially create a need for more hiring if enough people take the packages.
"I think Caesars has really pulled one out of their hat to be able to show they are a leader in making sure they can provide a space where people can get these types of packages and by extension get people back working," Chiodo said.
There are 16 people on layoff, Caesars Windsor spokeswoman Jhoan Baluyot said, adding there were 20 retirement packages offered by the company.
Last May, the company laid off more than 50 employees.
She said the idea to offer early retirement came from employees themselves.
"It's something we've worked with Unifor Local 444 to support our eligible employees in the workforce," Baluyot said.
Baluyot said characterizing this option as a buyout is "incorrect language."
Chiodo said there were no additional layoffs planned and the positions vacated by retiring workers would not be disappearing.
He said he hopes other companies will use this strategy to entice more people to retire early and in turn bring in more people into the workforce.
"It's a good job, it's a respectable job, it's a job that makes decent wages and benefits. In saying that, people can raise a family with it," Chiodo said. "This is an all-around win-win situation for the City of Windsor."
