City high school graduates will come with a one-year warranty beginning in 1992 under a plan being developed by Schools Chancellor Joseph Fernandez.

"We're willing to guarantee our product," Fernandez said.The plan would allow any employer who finds that a high school graduate cannot read, write or calculate proficiently to return the worker to school at no cost to the employer or the student.

The employer, not the schools, would determine if a worker lacks the basic knowledge or skills to perform an entry-level job.

Employees would stay on the job but enter evening remedial classes run by the Board of Education.

Stanley Litow, deputy superintendent for operations, said the program might begin in pilot form with a few high schools.

"The diplomas ought to be a meaningful document to the employer," he said. There was no indication of how much the program would cost.