General Motors Corp. said Tuesday it is offering a new round of buyouts to all 74,000 of its U.S. hourly workers to lure them into early retirement.
The special attrition program offers a choice of several pension and buyout incentives, said a statement released by the GM, adding it is offering retirement pension incentives of 45,000 dollars for production employees or 62,500 dollars for skilled trades workers in exchange for an agreement to retire early.
Other workers will have the option to retire early or take up to 14,000 dollars to leave with no pension or health care.
In December 2007, GM and the United Auto Workers (UAW) reached an agreement on what the company was calling the first phase of a comprehensive special attrition program. Details of this program were rolled out to employees at select locations last month. Those employees are now eligible for the enhanced provisions of this new agreement.
"We've worked with our UAW partners to ensure our employees have a variety of attractive options to consider," said Rick Wagoner, GM Chairman and CEO. "The special attrition program is an important initiative that will help us transform the workforce."
Founded in 1908, GM today employs about 266,000 people around the world. It also posted the largest annual loss of 38.7 billion dollars in 2007 largely due to a third quarter charge related to unused tax credits.
Source: Xinhua
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