General Motors today announced a unique package to their American hourly basis employees who wish to quit the company now.Even though the compensation package is not that lucrative,GM is thriving to shed some extra fat.The proposal has been forwarded to company’s union office bearers.This step is believed to be inline with the terms and conditions of the bail out package which company is enjoying.
General Motors offering a lumpsum of $45,000 as the total compensation,out of which $20,000 in cash and $25,000 as discount voucher to purchase a car.GM is employing over 62,000 hourly basis workers in US.By offering such employee buy out packages company is trying to equal the employee expenditure at par with their Japanese peers.
There are reports that Chrysler also formulated a similar offer for their hourly basis employees.Their offer also in-line with GM offer.The auto makers in US not limiting their belt tightening exercise there,companies now planning to discontinue their employees post retirement benefits as well.
The only thing we can do is wish GM and it’s employees the very best!
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