CSX looks to reduce by 300 employees voluntarily

JACKSONVILLE, Fla. – CSX is enacting a one-time voluntary separation program to reduce mostly headquarters staff by about 300 employees.

The company said it is also focusing on reducing nonessential costs primarily across headquarters functions.

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Employees who are at least 53 years old with at least 19 years of service by the end of 2014 are eligible for the voluntary separation program. Those employees who decide to take advantage of the voluntary program have two options: either a credit of two years of age and one year of service for retirement purposes, or a one-time separation payment of a year's salary.

"This step is part of the company's long-term planning," spokeswoman Melanie Cost said in a statement. "The decision has been made to streamline the management organization to better reflect the realities of the company's current and future markets. This will help assure that CSX will continue to deliver compelling shareholder value, with superior safety, customer service and efficiency."

Cost said if the objective is not met through the voluntary separation, an involuntary program may follow in January.

"However, we hope to do as few involuntary separations as possible," she said.