GM, Chrysler set new buyouts
11:14 AM Tue, Feb 03, 2009 | Permalink
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DETROIT - General Motors and Chrysler, both racing to cut costs and shed workers, are each starting new rounds of buyouts and early retirement packages for UAW workers, according to The Detroit Free Press. GM is expected to announce new packages today that include $20,000 cash payments and $25,000 new vehicle vouchers, people familiar with the plan told the Free Press. Most of GM's 62,000 UAW members are expected to get the offers. Tony Sapienza, a GM spokesman, declined to comment. Chrysler is also offering new buyout and retirement packages to most of its UAW members. "Given the difficult economic and market conditions in the U.S., Chrysler LLC determined ... that it would offer another phase of special programs," a Chrysler statement said Monday. "The window election period for the majority of hourly represented skilled and nonskilled employees is between Feb. 2 and Feb. 25." Chrysler will offer $50,000 and a vehicle voucher for people with enough seniority to be eligible for retirement. Others will be offered $75,000 and a vehicle voucher, a person familiar with the offers said. Both automakers must present outlines of plans to become viable in the long term to the federal government by Feb. 17. 
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