General Motors, hot on the heels of Chrysler ’s even more lucrative deal to employees, is offering buyouts to all of its United Auto Workers hourly employees. The GM deal offers $20,000 in cash and a $25,000 voucher good towards the purchase of a brand new GM product to workers interested willing to leave the company.
More details have emerged on the Chrysler deal: If employees leave but don’t retire, they’ll receive $75,000 plus a $25,000 new car voucher. If they retire – and thus take with them the retiree benefits – they’ll get $50,000 and the same new car voucher.
Both automakers aren’t necessarily looking to drastically cut the number of employees; they’re looking to replace current employees with those willing to do the same job for less money in an effort to meet guidelines set out by the federal loan package.
