Posts tagged buyout
UAW negotiates to increase number of GM workers eligible for buyout program
May 24, 2024 // Booth added the union still has not negotiated "immediate eligibility" for all 545 skilled trades workers wanting to take the offer. Only 142 were immediately eligible in this first phase, Booth said. "We’re still fighting to win an expansion on that number. At GM, we have a shortage of skilled trades workers, a problem which will require creative solutions on the company’s part, and an expansion of their apprenticeship programs," he said. "We’re going to continue to fight for our skilled trades members who want to retire. And to be clear, every single member who is eligible to retire will have the opportunity to receive the $50,000 SAP during the life of this contract, skilled trades and production."
GM expects labor contracts to cost an additional $9.3 billion
November 29, 2023 // In their Wednesday business update, GM told investors and customers that the contracts, which included massive pay and benefit increases for its workers, would cost the company significantly. The car giant also reinstated its 2023 business guidance and announced a $10 accelerated stock buyback. Additionally, GM released its estimate for how much the UAW strike cost the firm. According to the Wednesday announcement, GM estimates that the strikes, which began in September and ended late last month, cost the company around $1.1 billion, with bonuses and other benefit increases likely costing the company an additional $200 million before the end of the year.
Stellantis offers buyout packages to 6,400 salaried employees
November 17, 2023 // The company said Monday it was offering buy-outs to 6,400 non-bargaining U.S. employees, which is about half of the company's total work population. The "necessary structural actions" the company said it was taking was to protect its operations. "As we prepare for the transition to electric vehicles, Stellantis announced today that it will offer a voluntary separation package to assist those non-represented employees who would like to separate or retire from the Company to pursue other interests with a favorable package of benefits," said Stellantis in a statement.