Yesterday, General Motors announced plans for another round of buyouts
. Initial reports said the automaker would offer workers 50 years of age and older $20,000 cash and another $25,000 voucher towards the purchase of a GM
vehicle. However, the Associated Press
is now reporting that GM will offer every one of its hourly workers the opportunity to expand their career options. A UAW
official confirms to the AP
that the offer will be a one-time cash payout as well as a car-purchase voucher, but would not discuss specific amounts.
The same official said the buyout details should be announced by GM on Friday and employees would have until March 23 to stay with the company or begin looking at ways to make that $20k last until retirement. Takers of the buyouts would have until April 1 to clear out their lockers.