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GM’s UAW buyout tally is pending

July 25, 2009

GM’s UAW buyout tally is pending


General Motors Co.’s UAW workers faced a Friday deadline to accept buyout and retirement offers being offered to reduce the company’s headcount.

The tally of workers who accepted the packages wouldn’t be made public for several days, said company spokeswoman Sherrie Childers Arb.

The company was offering packages that included cash payments ranging in value from $20,000 to $115,000. GM hasn’t said how many people it hoped would take the packages.

The Detroit automaker has indicated that it wants to reduce its UAW ranks by around another 13,500 by the end of the year.

GM also is seeking to reduce its salaried ranks by another 4,000 and to trim its executive staff by 35%.

The U.S. Treasury has promised a total of around $50 billion to help GM survive and restructure.

This is the second major UAW buyout and retirement package offered by GM this year. The previous one resulted in about 7,000 workers leaving.

Workers who accept the latest packages have seven days to change their minds. The last day for most workers who accept would be July 31.

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