Workers who choose to accept the buyout will receive "enhanced benefits," while those ineligible for retirement will receive up to six months severance pay. GM also plans to shed about 35% of its executive workforce, which today stands at about 850 top level managers. Execs not eligible for retirement will receive up to one year severance.
While GM's white collar workforce has gone through an awful lot in 2009, the situation could get worse if the General doesn't see an adequate take rate for its latest round of buyouts. If GM doesn't hit 4,000, the automaker will be forced to rely on involuntary separations. In other words, more people in Michigan could be left out in the cold.
[Source: Bloomberg | Image Source: Spencer Platt/Getty]