19,000 GM Workers Taking Buyouts

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19,000 GM Workers Taking Buyouts

Post  Admin on 6/12/2008, 10:57

Situation
1. GM says around 19K of its US factory workers are taking buyout offers
2. That's about one-fourth of GM's blue-collar workers
3. Analysts recommend that GM continue cuts by slashing production, cutting white-collar jobs
4. UAW-represented workers taking buyouts will leave GM by July 1
5. One-time payouts valued up to $140K


Significant Points
1. GM under pressure to make cuts due to weak US sales, rising gas prices
2. All of GM's approximately 74K US factory workers eligible for buyouts, early retirement packages
3. Workers leaving clear way for hiring lower-wage workers
4. GM, like Ford and Chrysler, hard hit by market that's declined faster than expected
5. Record-high gas prices, move away from big gas guzzlers have driven change


Says
"Despite significant challenges in the U.S. market, we continue to reshape our business for long-term success." -- Troy Clarke, president of North American Operations, General Motors

"These restructuring plans look aggressive when they're announced, but it turns out that they're not aggressive enough. The market is moving much faster than these restructuring plans are." -- Kevin Tynan, analyst, Argus Research



Web Source
http://www.reuters.com/article/topNews/idUSWNAS596020080529?feedType=nl&feedName=ustopnewsevening
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Re: 19,000 GM Workers Taking Buyouts

Post  buzhunter on 6/12/2008, 19:16

I heard the other day that the average price of a new vehicle has gone up $2000.00 due to the cost of shipping them. Man, life is changing right before our eyes.

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Re: 19,000 GM Workers Taking Buyouts

Post  Admin on 6/13/2008, 05:32

Yeah, before too long even imports will go up due the shipping cost over seas..
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Re: 19,000 GM Workers Taking Buyouts

Post  buzhunter on 6/13/2008, 19:20

The price of a barrel of oil affects everything. We have the power to meet the demand and drive the price down but the left has the control and the agenda to slow the economy. We are all going to be walking to work (if we still have jobs) while they fly around in private jets complaining about global warming. What a bunch of morons.

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