• Jun 20th 2008 at 8:01AM
  • 6
More than one-fourth of GM's 74,000 hourly employees are going to grab the loot and skedaddle. Earlier this year, UAW President Ron Gettlefinger estimated that 15,000 would put their hands out, but another couple thousand decided to hop on the General's money train. The workers are expected to finish their employment by July 1. GM's most recent deal with the UAW means it can replace those folks with lower wage workers and save itself a bundle on payroll. And that will make the job of saving itself that much easier.
[Source: Automotive News, sub req'd]


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    • 1 Second Ago
  • 6 Comments
      Vincent Gabbeart
      • 3 Years Ago
      Did you know that factors like your age, gender, and marital status will impact your buyout from GM in their lump sum pension buyout plan? Understanding the factors involved and the impact they have on your options are crucial to making the right choice for your family. The best way to ensure you make an educated choice is to consult with a qualified financial planner. The offices of LJPR, LLC out of Troy Michigan are experienced in helping retirees navigate pension buyout options. They have put together an online video to help GM retirees understand this decision process, which you can watch by clicking http://youtu.be/32ZRne7AoTQ. There are less than two weeks remaining before the decision deadline of July 20, 2012. Schedule your appointment with a financial planner today.
      • 7 Years Ago
      For the last 15 years or so, GM has had pension and healthcare legacy costs of about $7 billion--with this employee buyout and a restructuring of North America labor contracts, those costs by 2010 are estimated to be down to $1 billion per year--a definite must for the company to move forward in the new economy.
      • 7 Years Ago
      Since the imports have had plants in the U.S. the domestics have had a significant disadvantage in the cost of labor/benefits/pension/etc. This has reduced the amount of R&D dollars and marketing dollars for the domestics. A company cannot spend billions more for labor and compete. So, if people are looking for who is responsible for this change in labor, pay and benefits, it began when the imports started to build plants in the U.S. and the unions could not get them organized. Simple really.
      • 7 Years Ago
      Once again, a domestic automakers plays hundreds of thousands of dollars as a "buyout" to each one of those workers simply for the right to lay them off. No wonder the big three are not doing well. Any economy where you can't simply lay off a worker will not function as well as it could. Notice how "well" the GM, Michigan, the other rustbelt states, as well as France are doing in comparison with the rest of the USA. There is no such thing as a god given right to have a job for life. The sooner the unions are brought down, the better. Unfortunately, the US might just lose its domestic auto industry in the process.
      • 7 Years Ago
      "GM says 17,398 workers took buyout"

      "More than one-fourth of GM's 74,000 hourly employees are going to grab the loot and skedaddle."

      If my math is correct, that's less than one-fourth:

      17,398 / 74,000 x 100% = 23.5% < 25.0%