Coca-Cola discloses package for workers who volunteer to leave

Atlanta-based Coca-Cola Company has outlined what's in severance packages for thousands of employees in the U.S. and Canada who have been offered buyouts to leave the company. (Dreamstime/TNS)
Atlanta-based Coca-Cola Company has outlined what's in severance packages for thousands of employees in the U.S. and Canada who have been offered buyouts to leave the company. (Dreamstime/TNS)

Credit: TNS

Credit: TNS

Coca-Cola Company has outlined what’s in the voluntary severance packages being offered to 4,000 of its employees in the U.S. and Canada.

Employees in some of the highest job grades would receive lump payments equal to a year and a half of pay, plus 20%. Meanwhile, full-time workers in most grades — the 12 lowest — would receive at least 12 weeks pay, plus 20%.

Last week, the Atlanta-based beverage giant announced a major global restructuring that will include steep job cuts. It offered voluntary severance to about 40% of its 10,800 employees in the U.S. and Canada. Additional cuts are expected in other nations.

Coca-Cola has not set a target for the total number of cuts it will make, voluntary or involuntary, a company spokesman wrote in an email to The Atlanta Journal-Constitution on Wednesday.

Employees must decide by Sept. 17 if they want to apply for the voluntary package. Many would leave the company by Nov. 15.

To qualify for the package, employees must have been hired by Sept. 1, 2017, working at least 30 hours a week, with some exceptions.

Full-time employees in job grades 1 through 12 would get a lump payment equal to two times their weekly base salary multiplied by their years of service, plus 20%. The company will pay the equivalent of at least 12 weeks of salary but won’t exceed 52 weeks, plus 20%.

Full timers in job grades 13 and 14 would receive a payment equal to 12 months of base salary, plus 20%. Those in grades 15 through 17 would get a payout equal to 18 months of base salary, plus 20%.

Part-time employees working at least 30 hours a week would receive a payment equal to their weekly base salary multiplied by their years of service — with a minimum payment of 2 weeks and and a maximum of 12 weeks — plus 20%.

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Some past job cuts at Coca-Cola

2000: About 5,200 jobs, more than a third of them in metro Atlanta

2003: 1,000 jobs, half of them in Atlanta

2015: 1,800 jobs, nearly a third of them in Atlanta

2017: 1,200 jobs, many of them local