GM Incentive Package We'll All Get to Pay

GM reveals incentive package as it tries to shed workers
(6/1/09 Kansascity.com)

US taxpayers will be paying for it eventually.

• $20,000 cash and a $25,000 car voucher to production workers who decide to retire with their benefits;
• For skilled-trades workers, $45,000 cash with the same car voucher.

If the worker is not eligible to retire yet, he/she can still get one of these, with severing all ties to GM (i.e. no benefits):

• Employees with less than 10 years could get $45,000 cash and $25,000 car voucher;
• Those with at least 10 years but less than 20, $80,000 cash and the same car voucher;
• Those with 20 years or more, $115,000 cash and the car voucher.

If the worker is close to retirement (28-29 years at GM), GM will provide:

• A bridge to retirement, with the company providing a monthly gross wage of $2,850 or $2,900 until qualifying for retirement.

(Is it too late to join the company, in order to quit with $45,000 and put the car voucher on eBay auction?)

In the meantime, GM is selling the Hummer brand to a Chinese company that makes heavy construction equipment and industrial materials (plastics, resins). This will be the Chinese company's first forey into automobile manufacturing. Good luck with that. And good luck with the Hummer dealers who will get to sell this Chinese-made Hummer, and even better luck for the customers who will buy it.

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