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- Buyouts of $70,000 with less than 10 years of service; $140,00 with 10 years or more
- Pension incentives worth from $45,000 to $62,500 to retire
- GM suffered a company-record $38.7 billion net loss for 2007
- GM hopes to reduce workforce 8% by 2011
- Average veteran UAW salary: $28.12/hr
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General Motors has offered buyouts to 74,000 employees in hopes of lowering manufacturing costs in the face of record losses. The buyout packages are worth between $70,000 and $140,000. GM hopes to replace employees with new, lower-paid workers who will not receive as many benefits as current wage earners.
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GM Fast Facts
- Stock symbol: GM (NYSE)
- Annual revenue (2007): $181 billion
- Founder: William C. Durant
- Established: 1908
- Industry: Automotive manufacturing and distribution
- Phone: (313) 556-5000
- Fax: (313) 556-5108
- HQ: Detroit, Michigan
- CEO: Rick Wagoner
- CFO: Ray Young
- Staff (as of 2007): 284,000
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Early Retirement
In addition to the buyouts, GM workers eligible for retirement, received pension offers of between $45,000 to $62,500. Many GM employees were also encouraged to take the option of an early retirement. GM looks to manage costs, by buying out expensive veteran workers, and replacing them with cheaper new hires. With average salaries of $14-$16.23 per hour, new hires are significantly less expensive than veteran UAW workers, who average $28.12 per hour. -
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GM Buyouts on Amazon
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Managing Transitions: Making the Most of Change - $16.95
http://www.amazon.com/exec/obidos/ASIN/B001FYY8SU/mahalo-20/Amazon
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GM Buyouts on Amazon
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Managing Transitions: Making the Most of Change - $16.95
http://www.amazon.com/exec/obidos/ASIN/B001FYY8SU/mahalo-20/Amazon
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GM Buyouts on Amazon
-
Managing Transitions: Making the Most of Change - $16.95
http://www.amazon.com/exec/obidos/ASIN/B001FYY8SU/mahalo-20/Amazon
-
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GM Buyouts on Amazon
-
Managing Transitions: Making the Most of Change - $16.95
http://www.amazon.com/exec/obidos/ASIN/B001FYY8SU/mahalo-20/Amazon
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GM Buyouts Questions
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Will the government Nationalize GM? 1 AnswerWhy not? They seem to want to nationalize everything else. I would say that GM stands for "Government Motors" at this point. In a true capitalist society GM ... read more -
How much money is the New GM's pension fund, underfunded? 1 AnswerThe New GM pension fund is underfunded by less than US $55 billion. GM used the pension fund in a different way than it was originally intended. The plan envisi... read more
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Will GM sell Opel to Fiat? 1 AnswerI believe that they should sell it because they are not in the usa anyways and plus it might help them or motivate them to fight bankrupcy. read more
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Will GM be able to avoid Bankruptcy? 2 AnswersI don't see how they will avoid bankruptcy with all the pensions they pay to their retired, and with all the new laws on mpg. Their best-selling vehicles will h... read more
view more questions...
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GM Buyouts on Amazon
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Managing Transitions: Making the Most of Change - $16.95
http://www.amazon.com/exec/obidos/ASIN/B001FYY8SU/mahalo-20/Amazon
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GM Buyouts News
- CNNMoney.com: GM offers buyouts to all UAW members (February 12, 2008)
- "The goal is not to reduce headcount but rather to bring in new workers at a lower cost."
- BusinessWeek: Elusive Profits Punish GM (February 12, 2008)
- "For the year, GM reported a record $38.7 billion loss, which stems mostly from a $39 billion charge taken in the third quarter."
- Forbes.com: GM Limps Toward Recovery (February 12, 2008)
- San Jose Mercury News: GM posts biggest annual US auto loss (February 12, 2008)
- FoxBusiness: International Business Keeps GM Afloat, Barely (February 12, 2008)
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- CNNMoney.com: GM offers buyouts to all UAW members (February 12, 2008)
