The "majority" of General Motors' salaried workforce and some executives have received buyout offers. The company said it's trying to cut costs to invest more in electric vehicles.
The company currently has 58,000 salaried employees in the U.S. The buyouts will target workers who have been with the company for at least five years and executives who have worked at the company for at least two years.
As part of the buyouts, workers will get one month of pay for every year of service up to 12 months. COBRA health benefits are also included. Workers will have to decide if they will sign the buyout by March 24, which will put them on track to leave the company by June 30.
GM previously said it planned to make $2 billion in cost cuts in 2023 as part of its EV transition, which has required shifting resources from its legacy auto business to new pursuits.
It also said during its most recent earnings report that it would strategically leave open some positions that were lost due to attrition.
Prices for wholesale orange juice rose to the highest point on Tuesday due to low inventory and harvesting issues in the U.S.
Costs for health care are expected to rise in 2024 due to the impact of inflation on insurance policies.
A jury in Illinois has ordered Chicago-based Conagra Brands to pay $7.1 million to a Pennsylvania woman who was badly injured in 2017 when a can of commercial brand cooking spray ignited in a kitchen at her workplace and set her aflame.
Most Americans are in the middle-income brackets, but they aren't leveraging higher interest rates for savings, according to a new survey.
Job openings rose to 9.6 million in September while the private sector added 113,000 new jobs in October.
The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead.
As the holiday season nears and with families making plans for Thanksgiving at the end of the month, concerns about high food prices linger. Dr. Michael Swanson, chief agricultural economist with Wells Fargo Agri-Food Institute, joined Cheddar News to provide tips on what to expect when shopping for those large family meals.
Can money really buy happiness? Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, joined Cheddar News to explain which steps to take for financial security and safety.
SAG-AFTRA will meet again with the Alliance of Motion Picture and Television Producers to discuss putting an end to the ongoing strike.
Italian car maker Fiat is opening an apartment building in Fort Lee, New Jersey.
