Ford puts 21,300 back on bonus plan

"This new plan is designed to pay out if the objectives are met for the full year," company spokeswoman Marcey Evans said,
The bonuses apply to 21,300 salaried employees and are based on the same system as the one in effect for upper management, the Detroit Free Press reported Tuesday.

The bonuses kick in if individual and company-wide goals are met.
Bonus pay can run up to $15,000 or more for salaried workers. Earlier this year, salaried workers were told merit raises for 2010 would average about 3 percent.

In another sign of financial health, Ford said Monday it would make a $3 billion payment on a credit line, reducing its total debt to $31.5 billion.

Ford, which lost $14.6 billion in 2008, earned a profit of $2.7 billion in 2009.

During the weekend, Ford said it had reached a deal to sell Swedish brand Volvo for $1.8 billion to Zhejiang Geely Holding Co., a Chinese firm.

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