Mitsubishi Motors Corporation announces that it is to implement a Re-employment Assistance Program covering some 2,800 managerial personnel currently employed by the company.

The Re-employment Assistance Program provides indirect support for managerial personnel ranging in age between the mid-thirties up to late fifties who volunteer to seek other employment. The Program is also expected to accelerate the company's efforts to trim down its indirect payroll.

In promoting downsizing of the company payroll, the Program offers covered personnel a choice of three initiatives:

• Preferential treatment for those seeking early retirement;
• Leave of absence for those seeking employment elsewhere;
• The supply of information relating to recruitment opportunities outside the company.

These initiatives are described in more detail below.

1. Preferential treatment for those seeking early retirement
   The Preferential treatment for those seeking early retirement takes the form of a special premium that replaces the Reemployment Subsidy, and adds a sum equivalent to between six and 44 month's salary to the prescribed severance allowance. This offer covers managerial personnel who apply for early retirement between January and March 2001. Those taking up the offer will leave the company by the end of March.
2. Leave of absence for those seeking reemployment
   Introduced in January 2001, this initiative is designed to provide assistance to managerial personnel who wish to change employment but have yet to find a new employer. It provides:
   
   

   a. Term:	Leave of absence for up to one year, after which time employment will be terminated.
   b. Duties:	The employee is not required to report for duty during his leave of absence, allowing him to concentrate on seeking new employment. The employee may take up part-time work during his leave of absence.
   c. Remuneration:	The employee is paid 80 percent of the monthly income he was receiving when he started his leave of absence.



3. Recruitment information
   This initiative assists company officers and managerial personnel wishing to change employer or to otherwise seek reemployment by providing recruitment information over the company intranet.