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General Motors announced that it will offer buyouts or early retirements to all 74,000 U.S. hourly workers represented by the United Auto Workers in a sweeping deal with the union intended to clear the way for GM to hire lower-cost replacements.
Published on February 12, 2008
The cost-saving agreement follows on a program launched in January for about 5,200 workers at GM's service parts and operations facilities across the United States and five other facilities, and comes with better terms than GM offered to UAW workers in 2006.
GM representatives said it would take weeks to roll out the complicated buyout offers to its workers, who will have 45 days to consider them and then seven days to reconsider. It expects to complete the voluntary program by July 1.
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