GM offers buyouts to salaried workers, cites economic concerns
As part of our plan to accelerate attrition and achieve $2 billion in cost savings by the end of 2024, General Motors is announcing a Voluntary Separation Program for all U.S. salaried employees with at least five years of service and all global executives with at least two years of service," GM spokesperson Maria Raynal toldThis voluntary program offers eligible employees an opportunity to make a career change or retire earlier.
"By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasingly competitive market," Raynal said.extended the offer to U.S. salaried employees and some global executives. U.S. workers with at least five years' tenure were offered a month's pay for each year of service along with interim health coverage and a partial payout of bonuses due for 2022.
The deadline for employees to accept the package is March 24 and those who take the buyout will have to exit the company by the end of the second quarter . , GM Chief Financial Officer Paul Jacobson said the company's position was strong enough that it expected to avoid layoffs. Instead, the company would rely on limiting hiring and fill only strategically important roles as they become vacant through natural attrition, which has evidently proved insufficient thus far.
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