Seeing that the auto industry isn’t showing any sign of improvement, nearly 7,500 workers have opted to grab early retirement options, leaving the big three auto companies (Chrysler, General Motors and Ford), in a move that seems to be better for their end.

Since 2006 General Motors Corporation (GM) (Detroit, Michigan) has made early retirement and buyout offers to its workers three times, with more than 60,000 employees accepting. Ford Motor Company (Dearborn, Michigan) and Chrysler LLC (Auburn Hills, Michigan) have also made similar offers during this time period.

During the latest round of buyout and early retirement offers at GM however, the majority of the employees who have accepted, 7,500 to be exact, will take early retirement rather than the buyout.

(Source) Industrial Info

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In 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

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