GM to offer buyouts to all hourly employees

I guess desperation (maybve reality?) has finally set in to the GM exec's. Any worker with half a functional mind will jump at this.

General Motors Corp. (NYSE:GM) has confirmed that it will offer buyouts to all of its hourly employees as the troubled automaker continues to slash costs.

GM spokesman Tony Sapienza says the buyouts will mainly target GM's 22,000 retirement-eligible hourly employees, though any union employee can take the offer. GM employees were notified of the buyouts on Tuesday, a day after the UAW leadership was told of the plan and disclosed it to the media.

Employees will receive more specific details on Friday but GM says the offer will be less generous than previous buyouts.

Sapienza says the offer will consist of a car voucher and a one-time cash payment.

He says employees will have until March 24 to make a decision. The buyouts will be complete by April 1.
More good news for my local GM plant (external - login to view), Eagle will have a good laugh over this one.

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