estb 1776

Icon

the constitution is the revolution

GM offers buyouts to 74,000

NEW YORK (CNNMoney.com) — In an effort to shave ongoing losses, General Motors offered lucrative buyouts Tuesday to 74,000 employees – its entire U.S. hourly workforce.

The nation’s largest automaker announced the latest round of buyouts as it reported another loss on its core auto operations in the fourth quarter, which combined with charges taken earlier in the year left GM with a company-record $38.7 billion net loss for 2007.

To try to stem automotive losses that have dogged the company since 2005, the company is making a range of offers, up to cash payments of $140,000 to the remaining 74,000 GM workers represented by the United Auto Workers union.

The goal is not to reduce headcount but rather to bring in new workers at a lower cost.

Read Full Story

Advertisements

Filed under: Uncategorized

One Response

  1. ahavens says:

    first GM, then Starbucks…what is happening?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: