Way back in March of this year, the UAW, GM and Delphi sat down to figure out a buyout/retirement plan for the approximately 14,600 employees eligible to leave the workforce. Delphi employees were offered two separate packages: certain retirement eligible employees will be able to walk with a lump sum payment of $35,000, while others would be offered a buyout of between $40,000 and $140,000. A total of 12,400 employees eligible for retirement took the $35k and 1,400 opted to walk early and get a lump sum.The General agreed to foot the bill for the lump sum payments, along with some post-retirement employee benefits.
How much are we talking? We'd expect the figures sometime before January 1st, 2007, when all the retirees/buyoutees take their leave.
[Source: The Auto Channel]
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Reader Comments (Page 1 of 1)
Michael F @ Sep 27th 2006 9:55AM
Reform is unfortunately painful, but undoubtedly needed. May GM's management have the guts to push it all the way through, and not settle for half-measures.
Whydrive @ Sep 27th 2006 4:01PM
May all those wonderful folks now vote for the Democrats to introduce legislation that will require all corporations to cover all health insurance and pensions.