GM to offer employees another round of buyouts

Following Chrysler’s decision to offer more buyouts yesterday, General Motors announced today it will offer another round of buyouts to all of its hourly employees as the troubled automaker continues to cut cost and prepare for a plan to show the government it can be viable in the long-term.

Spokesman Tony Sapienza said the buyouts will target GM’s 22,000 retirement-eligible hourly employees. He also said that the option is available to any union employee.

Sapienza said that the offer will consist of a car vouched and one-time cash payment. More details will be sent to employees on Friday but Sapienza says that the offers will be less generous than before.

GM employees will have until March 24 to make decision.

Source: MSNBC