Over 20,000 Employees offered Buyout Packages as General Motors cuts Costs

By Automotive Staff | February 04, 2009
General Motors continues its cost-cutting as the February 17th deadline looms closer and closer. Latest tactic? Offer to buy out nearly 22,000 hourly employees and any union member. Writes MSNBC: GM spokesman Tony Sapienza said the buyouts will mainly target GM's 22,000 retirement-eligible hourly employees, though any union employee can take the offer. GM employees were notified of the buyouts on Tuesday. Sapienza says the offer will consist of a car voucher and a one-time cash payment. He says employees will receive more specific details on Friday, and says the offer will be less generous than previous buyouts.