General Motors announced today that 7,631 United Auto Workers have accepted early retirement and buyout offers. The buyout will allow GM to cut costs and hire new, less expensive workers.
"This is a significant milestone of progress towards our restructuring plan," said GM Spokesman Tony Sapienza. "There is more work to do, but this will help us become leaner and stronger."
More than half of the workers accepting the buyouts are located in Michigan.
According to GM most of the workers that accepted the offer were eligible for retirement, meaning they had been employed by GM for over 30 years. Those workers were already eligible for a $37,000/ year pension plus the buyout package that included $20,000 in cash and a $25,000 voucher toward a new GM vehicle.
Those workers that accepted the offer must leave the company by April 1st.
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