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If employees of General Motors (NYSE: GM) are sitting back waiting for buyout packages to arrive in the mail, they better keep that champagne on ice. UAW officials warned last week that there won't be a quick announcement on employee buyout packages or early retirement offers coming any time soon.

UAW Vice President Carl Rapson said, "We've not come to any kind of agreement, and it sure as heck isn't going to happen in a week." This was in response to GM's Troy Clarke saying that information on a round of employee buyouts would be happening "within a week." Yes, when GM and the UAW get together to mince words, a turbo-powered margarita blender couldn't produce better fodder than these two organizations.

When and if new GM employee buyout offers come, they will cover employees in the assembly, powertrain and engineering facilities where GM has UAW-covered workers. Rapson did indicate that "meaningful discussions" are continuing between the automaker and the union, but it's "just not accurate" to believe an agreement will be reached so soon. As of this morning, there is no agreement in place. GM workers waiting on a nice, fat check: you'll have to wait a little longer.

GM's employee buyouts not coming soon originally appeared on BloggingStocks on Mon, 21 Jan 2008 15:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>General MotorsGeneralMotorsGMGM buyoutsGM employeesGmBuyoutsGmEmployeesUAWMon, 21 Jan 2008 15:44:00 EST<![CDATA[GM to offer 5,200 UAW employee buyouts soon]]>http://www.bloggingstocks.com/2007/12/19/gm-to-offer-5-200-uaw-employee-buyouts-soon/http://www.bloggingstocks.com/2007/12/19/gm-to-offer-5-200-uaw-employee-buyouts-soon/http://www.bloggingstocks.com/2007/12/19/gm-to-offer-5-200-uaw-employee-buyouts-soon/#commentsFiled under: ,

General Motors (NYSE: GM) will begin offering 5,200 employees buyout offers next month to make room for lower-priced workers as a result of its new UAW contract that was completed in October. All of the employees who will be offered buyouts are UAW factory floor workers, with the offers ranging from $35,000 to $140,000 -- very similar to buyout offers the automaker offered to employees in 2006. At the time those offers were given, about 34,400 employees (30% of GM's workforce) accepted them. With such dazzling success, it makes sense for the offer to spring up once again as GM continues to lower employee costs.

Will GM CEO Rick Wagoner be able to catch up to foreign automakers with U.S. operations that have a significantly lower labor costs? It will help, but it won't do the job completely. GM will likely be joining all automakers next year in a selling and production slowdown that necessitates more labor cost cut planning right now.

There is no word on how much this new round of buyout offers will cost the Detroit automaker, but the company did say that the newer buyout offers will be offered to UAW employees at plants in Pittsburgh, Pennsylvania and Massena, New York, in addition to all 23 U.S. service and parts operations locations.

GM to offer 5,200 UAW employee buyouts soon originally appeared on BloggingStocks on Wed, 19 Dec 2007 13:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>General MotorsGeneralMotorsGMGM employeesGmEmployeesUAWUAW buyoutsUawBuyoutsWed, 19 Dec 2007 13:44:00 EST