Wegmans Sets Buyout Offer For Older Workers in N.Y.

1:41 PM, Oct 8, 2013   |    comments
  • Share
  • Print
  • - A A A +
  • FILED UNDER

Bennett J. Loudon - Rochester Democrat and Chronicle

Wegmans Food Markets Inc. is offering a buyout package to store workers in New York state who are at least 58 years old and have accumulated at least 15 years of continuous service.

The company will give employees two weeks' pay for each year on the job, Wegmans spokeswoman Jo Natale said Monday.

"I can confirm we are offering a one-time financial benefit to a small pool of eligible full-time employees to enable them if they so choose to retire, Natale said. "We are very fortunate that our continued success has put us in a unique position to offer this voluntary bridge to retirement."

Natale would not provide a specific number of eligible employees.

"Among our 25,000-plus New York state employees, only a small number are eligible, and we estimate that fewer than 100 employees statewide will participate in the program," she said.

Health insurance for the eligible workers will be continued for six months, with Wegmans paying 85 percent of the cost, as it does today.

The buyout is available through the end of the year. Natale said she could not recall the company's doing anything similar in the past.

The eligible employees already have access to a voluntary 401(k) plan in which Wegmans matches 50 percent of employee contributions, up to 6 percent of the employee's pay. Those employees also are entitled to a defined contribution retirement plan.

Most Watched Videos