George S. May Business Blog

GM sending more employees home

GM spokesman, Tom Wilkinson, told Bloomberg that GM will be offering retirement packages for up to 4,000 non-union workers this week. Should all 4,000 leave, that will cut 15% of GM’s current work force. GM also plans to shed about 35% of its executive workforce, which today stands at about 850 top level managers.
Those who take GM up on the buyout offer will receive “enhanced benefits,” while those ineligible for retirement will receive up to six months severance pay. Execs not eligible for retirement will receive up to one year severance.

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