Hundreds Of Workers Take Buyouts, Retire Early At GM Lordstown Plant As Layoffs Loom
As General Motors prepares to layoff the second shift at the Lordstown, Ohio, plant, hundreds of workers have opted to retire early or take a buyout package.
The Youngstown Vindicator reported on Monday that 595 employees chose the special attrition option, which GM offered in April as it announced the second-shift cut. The buyout takers could help reduce the layoff’s effects, which originally was thought to leave 1,500 employees jobless.
“Obviously [the buyouts are] going to help retain some people,” Dave Green, president of United Auto Workers Local 1112, said. “We want to retain as many members working as we can. For the people who leave, that should save the spot of someone else.”
According to the report, early retirees will receive a one-time cash payment of $60,000 and agree to “relinquish all seniority and rights under GM benefit plan” aside from vested pension plans. For buyout takers, the one-time lump sum can be around $50,000 for workers with more than 20 years at the plant, to as little as $5,000 for workers with less than five years with the plant.
The plant’s final day for a second shift is June 22. Then, the Lordstown plant will run on a single shift to build the 2018 Chevrolet Cruze sedan.
Read more: http://gmauthority.com/blog/2018/06/hundreds-of-workers-take-buyouts-retire-early-at-gm-lordstown-plant-as-layoffs-loom/#ixzz5IISKqR5d