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.
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