Mama San
Administrator
GM offers buyouts to 126,000
By Sharon Silke Carty, USA TODAY
DETROIT — In one of the largest buyout plans
in U.S. corporate history, General Motors (GM)
will offer money to about 126,000 hourly employees
at its plants and at supplier Delphi (DPHIQ) to quit their jobs.
Falling vehicle sales have left GM with too many workers.
GM will offer buyouts to all its United Auto Workers employees,
about 113,000, a crucial step toward saving itself financially.
The world's largest automaker said in November that it wants to
shed 30,000 blue-collar workers.
WORKERS NOT SURPRISED
A union leader said Wednesday that he is waiting to hear details
of a buyout deal but that the offer does not come as a surprise.
"We were expecting it to happen, but we didn't know exactly when,''
said Dan Fairbanks, president of United Auto Workers Local 1618.
"I thought it might be about another week.''
Fairbanks, 52, has worked for GM for 30 years and already had been
looking at retirement.
He said reports that GM workers will be eligible for payouts from
$35,000 to $140,000 depending on their years of service sound good,
but warned there could be conditions that make the deal less favorable
for workers.
GM spokesman Dan Flores said that while the company expects only a
portion of the eligible employees to take the buyouts, it isn't
saying how many it hopes will actually leave.
Workers will be offered a $35,000 payment if they agree to retire
early. Workers who promise to sever all ties with GM — leaving with
no retirement benefits — will get $70,000 to $140,000, depending on
time with the automaker
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Right now, I'm just praying that my pension is safe.
You can bet your bottom dollar that NO plants outside the USA will be shutting down or cutting back. If they do, it will be only minutely temporary.
This is what the car companies have been trying to accomplish for years. Nothing in the USA, everything is to be totally imported.
I have no idea who they expect to buy these cars. It's sure that only a few of us here in the US will be able to afford them........maybe.....a very few!!!!
I worked for GM and I haven't driven a new car in 20 years.
Sorry to have blasted off like that but I'm sick and tired of the USA being sold down the river to the highest bidders.
God bless,
Mama san
By Sharon Silke Carty, USA TODAY
DETROIT — In one of the largest buyout plans
in U.S. corporate history, General Motors (GM)
will offer money to about 126,000 hourly employees
at its plants and at supplier Delphi (DPHIQ) to quit their jobs.
Falling vehicle sales have left GM with too many workers.
GM will offer buyouts to all its United Auto Workers employees,
about 113,000, a crucial step toward saving itself financially.
The world's largest automaker said in November that it wants to
shed 30,000 blue-collar workers.
WORKERS NOT SURPRISED
A union leader said Wednesday that he is waiting to hear details
of a buyout deal but that the offer does not come as a surprise.
"We were expecting it to happen, but we didn't know exactly when,''
said Dan Fairbanks, president of United Auto Workers Local 1618.
"I thought it might be about another week.''
Fairbanks, 52, has worked for GM for 30 years and already had been
looking at retirement.
He said reports that GM workers will be eligible for payouts from
$35,000 to $140,000 depending on their years of service sound good,
but warned there could be conditions that make the deal less favorable
for workers.
GM spokesman Dan Flores said that while the company expects only a
portion of the eligible employees to take the buyouts, it isn't
saying how many it hopes will actually leave.
Workers will be offered a $35,000 payment if they agree to retire
early. Workers who promise to sever all ties with GM — leaving with
no retirement benefits — will get $70,000 to $140,000, depending on
time with the automaker
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Right now, I'm just praying that my pension is safe.
You can bet your bottom dollar that NO plants outside the USA will be shutting down or cutting back. If they do, it will be only minutely temporary.
This is what the car companies have been trying to accomplish for years. Nothing in the USA, everything is to be totally imported.
I have no idea who they expect to buy these cars. It's sure that only a few of us here in the US will be able to afford them........maybe.....a very few!!!!
I worked for GM and I haven't driven a new car in 20 years.
Sorry to have blasted off like that but I'm sick and tired of the USA being sold down the river to the highest bidders.
God bless,
Mama san