GM to Buy Out Hourly Employees
Tuesday, February 3rd, 2009In a move that is aimed to curb enormous manpower count that they have at the moment, General Motors has announced that they will be offering a buyout for all hourly paid employees who are retirement-eligible. But while that is how they classify it, anyone of their hourly workers can avail of it if they choose to do so.
News of the buyouts first broke on Monday. A union official told The Associated Press then that GM would offer $20,000 in cash and a $25,000 car voucher for workers who retire early and those who simply leave the company. The official spoke on condition of anonymity because workers were not yet notified of the packages.
The buyouts are the latest round of cost-cutting measures by GM, which is racing to piece together a plan for returning to viability by the middle of the month. The Detroit-based company is scheduled to report January auto sales later Tuesday, and analysts are expecting a steep year-over-year decline.
(Source) WOKV
Tags: auto sales, buyouts, General Motors, hourly employees, hourly workers, manpower, retirement