Results 1 to 7 of 7

Thread: GM, UAW, reach "attrition" deal...

  1. #1
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,763

    GM, UAW, reach "attrition" deal...

    DETROIT - General Motors Corp. (NYSE: GM) and the United Auto Workers (UAW) union have reached an agreement on a comprehensive special attrition program that will be offered to all of GM's 74,000 UAW-represented employees.

    The special attrition program offers a choice of several pension and buyout incentives. GM is offering retirement pension incentives of $45,000 for production employees or $62,500 for skilled trades. Eligible employees can select from a variety of ways to receive their incentive:

    One time, lump-sum cash payment
    Direct rollover into their GM 401(k) or into an Individual Retirement Account (IRA)
    Monthly annuity
    Combination of partial lump-sum payment and direct rollover into their GM 401(k) or an IRA
    The other retirement and buyout options available are similar to those offered to employees in 2006. These options include:

    Mutually Satisfactory Retirement (MSR) for employees who are at least 50 years old with 10 or more years of service. This option provides a pension payment with full benefits.

    Pre-Retirement Program in which employees with 26, 27, 28 or 29 years of service can grow into a full "30 and out" retirement. Until they reach 30 years of credited service, participating employees would receive a fixed monthly payment with full benefits.

    Cash Buyout for employees who agree to voluntarily quit and sever all ties with GM.
    $140,000 buyout incentive is offered to employees with 10 or more years of credited service or seniority
    $70,000 buyout incentive to employees with less than 10 years of credited service or seniority
    In December 2007, GM and the UAW reached an agreement on what the company was calling the first phase of a comprehensive special attrition program. Details of this program were rolled out to employees at select locations last month. Those employees are now eligible for the enhanced provisions of this new agreement.

    "We've worked with our UAW partners to ensure our employees have a variety of attractive options to consider," said Rick Wagoner, GM Chairman and CEO. "The special attrition program is an important initiative that will help us transform the workforce."

  2. #2
    Senior Member misterdecibel's Avatar
    Join Date
    Apr 2007
    Location
    Little Rock, Arkansas
    Posts
    3,408

    Re: GM, UAW, reach "attrition" deal...

    That's not much of a pension.

  3. #3
    Senior Member
    Join Date
    Jul 2006
    Location
    Raleigh NC, USA
    Posts
    3,628

    Re: GM, UAW, reach "attrition" deal...

    I would assume these are on top of any existing contributions.
    Right, Eric?

    Chip H.

    Former owner: 2012 Honda Civic LX, 2006 Honda Ridgeline RTL, 2000 Honda CR-V EX, 2003 MINI Cooper S, 1992 Honda Accord LX, 1999 Mercedes ML-320, 1995 VW Jetta GLX, 1991 Mercury Capri XR2, 1981 Mercury Zephyr, 1975 Chevrolet Impala

  4. #4
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,763

    Re: GM, UAW, reach "attrition" deal...

    Quote Originally Posted by chiph
    I would assume these are on top of any existing contributions.
    Right, Eric?

    Chip H.
    It seems existing contributions aren't affected - just future contributions to retirement by GM. The workers are being given what appear to be relatively small "lump sum" payments that maybe cover 2-5 years of retirement expenses vs. the "pension for life" they signed on for many years previously.

    In other words, they got fucked.

  5. #5
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126

    Re: GM, UAW, reach "attrition" deal...

    They got fucked, but less than everyone else.

    What I would do with $70,000. I could get some nice ranch property in West Texas....




  6. #6
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,763

    Re: GM, UAW, reach "attrition" deal...

    Quote Originally Posted by Henry
    They got fucked, but less than everyone else. I'm not going to take that away from them.

    It still sucks.... but... what I would do with $70,000.00

    $70k isn't it what it used to be... and when you're an old Gimp who is beyond your working days and have to live on it, it doesn't stretch very far. I'd say maybe three years of living expenses - if you live "cheap."

    Better than nothing, I suppose - but imagine having worked for 20-30 years under the assumption that the deal you signed on for and counted on isn't going to hold; that the SOBs will just cut what they agreed to pay you...meanwhile, the top asshole at the company is "earning" $20 million in a single year (and at a time when the company's is less profitable than it has been during most of its history).

    I'd be mad....


  7. #7
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126

    Re: GM, UAW, reach "attrition" deal...

    Hell yeah, I'd be mad as well.

    I think that the average American worker should be even madder.

    On a good layoff, we get two weeks severance check a good bye and the opportunity to apply for meager unemployment benefits.

    I am not saying the GM workers are "lucky" or anything like that.

    They probably passed over other employment "opportunities" in order to stay with a company that would maybe pay them a decent retirement, etc. I can't blame them, I would have probably done the same thing.

    I think its outrageous either way, but the $70,000 does cushion the blow a little.

    I would take it and apply for the half pay job to follow. I'd invest it wisely, since its near impossible to save that kind of money these days.




Similar Threads

  1. Another 70 IQ thug afa-lete "hero" and "role model"
    By Eric in forum Hate Pro Sports - and jocksniffers?
    Replies: 0
    Last Post: 02-18-2011, 03:34 PM
  2. National Felons League "heroes" and "role models"
    By Eric in forum Hate Pro Sports - and jocksniffers?
    Replies: 2
    Last Post: 06-24-2010, 07:06 PM
  3. Replies: 0
    Last Post: 05-31-2008, 07:47 AM
  4. Suzuki offers "free gas for summer" deal
    By Eric in forum Automotive News
    Replies: 0
    Last Post: 05-16-2008, 06:26 AM
  5. Replies: 4
    Last Post: 12-23-2006, 04:46 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •