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.
Brooks Running SVP of Footwear, Carson Caprara, introduces the new Glycerin Max and explains how leaning into innovation helps build customer brand loyalty
Ayako Yoshioka, Senior Portfolio Manager at Wealth Enhancement Group, discusses how data is indicating how the economy will fare in the fourth quarter of 2024.
Emirates connects the world through Dubai, operating modern aircraft and offering award-winning services with a diverse workforce across six continents.
