In these uncertain economic times, a job working for an automaker with a possible bankruptcy looming in the distance may be better than no job at all. This fact must be readily apparent to the 600 or so General Motors workers who have changed their mind and turned down the automaker's latest round of buyout offers, in this case worth $20,000 in cash plus a $25,000 voucher to buy a brand new vehicle from The General. Previous buyouts had offered as much as $140,000 to leave, depending on the individual worker's total years of service.

Even with the 600 workers who chose to stay, GM did get over 7,000 employees to accept the buyout package. That brings the total to more than 60,600 total buyouts since 2006. If and when these workers are replaced, GM's latest contracts with the UAW allows it to hire new workers with a starting base pay of $14 per hour, which is about half what current auto workers earn.

[Source: The Detroit News, Photo by Bill Pugliano/Getty]


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