{"id":7486,"date":"2009-02-13T00:00:00","date_gmt":"2009-02-13T00:00:00","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/?p=7486"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T21:00:00","slug":"gm-offers-buyouts-to-it-s-hourly-workers","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2009\/02\/gm-offers-buyouts-to-it-s-hourly-workers\/","title":{"rendered":"GM offers buyouts to it s hourly workers"},"content":{"rendered":"<p><span style=\\\"font-weight: bold;\\\">NEW YORK, Feb 13 &#8211; General Motors said it was offering voluntary buyouts or early retirement packages to all its hourly production workers as part of the troubled automaker\\&#8217;s overhaul.<\/span><\/p>\n<p>GM spokesman Tom Wilkinson said the offer &quot;is available to all 62,000 hourly employees&quot; covered by the United Auto Workers (UAW) union.<\/p>\n<p>&quot;Of those, approximately 22,000 are retirement-eligible, so taking the incentive would move them into retirement,&quot; he said.<\/p>\n<p>&quot;The goal is to allow us to hire more tier-two workers (who start with a lower wage and benefit cost) once business starts to pick up again.&quot;<\/p>\n<p>GM\\&#8217;s current contract with the UAW allows the company, with the union\\&#8217;s consent, to offer buyouts if business conditions warrant cutbacks.<\/p>\n<p>The news came two days after GM said it would cut 10,000 white-collar jobs worldwide this year as part of a restructuring plan the struggling automaker submitted to the government in exchange for an emergency loan.<\/p>\n<p>Wilkinson said the latest actions &quot;are part of the ongoing restructuring of the company, which has been accelerated by the economic crisis and the terms of the government loan program.&quot;<\/p>\n<p>The biggest US automaker will release an update of the restructuring February 17 as part of the requirements for the government loan.<\/p>\n<p>GM has received 9.4 billion dollars from the US Treasury to avert running out of cash as it struggles with a massive sales downturn. The government may release an addition four billion dollars if the company addresses concerns about its viability.<\/p>\n<p>GM will issue its quarterly financial results &quot;some time after the plan,&quot; according to Wilkinson.<\/p>\n<p>The company has piled up some 72 billion dollars in losses since 2005.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Feb 13 &#8211; General Motors said it was offering voluntary buyouts or early retirement packages to all its hourly production workers as part of the troubled automaker\\&#8217;s overhaul. GM spokesman Tom Wilkinson said the offer &quot;is available to all 62,000 hourly employees&quot; covered by the United Auto Workers (UAW) union. &quot;Of those, approximately [&hellip;]<\/p>\n","protected":false},"author":12319,"featured_media":7487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"coauthors":[],"class_list":["post-7486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GM offers buyouts to it s hourly workers - Capital Business<\/title>\n<meta name=\"description\" content=\"NEW YORK, Feb 13 - General Motors said it was offering voluntary buyouts or early retirement packages to all its hourly production workers as part of the Kenya breaking news | Kenya news today |\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitalfm.co.ke\/business\/2009\/02\/gm-offers-buyouts-to-it-s-hourly-workers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GM offers buyouts to it s hourly workers\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Feb 13 - 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