Re: Obama union stooge GM offers buyouts to 'majority' of U.S. salaried workers

[Union scum again]

On 27 Feb 2022, Wi1liam T <weaka...@gmail.com> posted some
news:svgbd4$1ss8e$9...@news.freedyn.de:

> Americans are still waiting for GM to pay back the bailout money it
> "borrowed".

DETROIT — General Motors will offer voluntary buyouts to a “majority” of
its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in
structural costs over the next two years, according to a letter sent to
workers Thursday from CEO Mary Barra.

The “Voluntary Separation Program,” or VSP, will be offered to all U.S.
salaried employees who have spent five or more years at the company as of
June 30. Outside of the U.S., the automaker will offer buyouts to
executives with at least two years of time at the company.

GM expects to take a pretax charge of up to $1.5 billion related to the
buyouts, according to a public filing Thursday. The majority of the
charges are expected to be all-cash and occur during the first half of the
year, the company said.

Barra, in the letter Thursday, said the program is “designed to accelerate
attrition in the U.S.,” assisting the company in potentially avoiding
“involuntary actions” in the future. The buyout offer comes after the
Detroit automaker said last week it would terminate about 500 salaried
positions globally.

The last time GM offered such a large buyout program was for roughly
18,000 North American salaried employees in 2018-2019.

“Employees are strongly encouraged to consider the program,” GM said in an
emailed statement to CNBC Thursday. “By permanently bringing down
structured costs, we can improve vehicle profitability and remain nimble
in an increasingly competitive market.”

GM announced the $2 billion cost-cutting program in January, saying
between 30% and 50% of the savings were expected during 2023. At the time,
executives said they were planning headcount reductions through attrition
rather than layoffs.

U.S. employees who are approved for the buyout will be granted one-month
pay for every year they worked up to 12 months, as well as COBRA health
coverage. They also will receive prorated team performance bonuses and
outplacement services. Global employees will receive base salary,
incentives, COBRA and outplacement services.

Eligible employees interested in the program must sign up by March 24.
Those who elect to take a voluntary package and are approved will depart
by June 30.

A company spokeswoman declined to disclose how many employees the company
is targeting to accept the buyout packages. At the end of last year, GM
employed about 81,000 salaried employees worldwide, according to public
filings.

<https://www.nbcnews.com/business/autos/gm-offers-buyouts-majority-us-
salaried-workers-rcna74170>