Some of the most experienced and skilled workers at Oshawa Assembly will be offered up to $150,000 CAD and a vehicle voucher to retire, according to a new report from Automotive News Canada.
Non-skilled trade workers with 30 years of service at General Motors Canada, or those who are of retirement age, will receive a $130,000 retirement package and a $10,000 car voucher. Skilled trades workers are eligible to receive $150,000 and a $10,000 vehicle voucher. GM refers to these packages as the “enhanced retirement incentive.”
AN Canada says those workers who have less than 30 years of experience but more than 26 can opt into a “Leave to Retirement Program,” which will allow them to go on leave and receive 65 percent of their wages. When they reach 30 years of seniority , they will receive a retirement package of $55,000 to $95,000 depending on their level of seniority. They too will receive a $10,000 vehicle voucher.
Those workers can also choose to retire immediately instead, which will net them a retirement package worth $90,000 to $115,000, depending on their experience, and the vehicle voucher.
Similarly, a full-time worker who is less than 50 years old but will be 50 within three years and has 10 or more years of experience can choose to take a buyout of $130,000, or $150,000 if they have a skilled-trade, along with the $10,000 vehicle voucher. They can elect to be placed on layoff as well before collecting early retirement benefits at 50.
Finally, those with less than 10 years of seniority will receive lump sum payments ranging from $10,000 to $40,000, depending on how long they have worked at Oshawa Assembly.
According to AN Canada, senior Unifor union members who worked a full-time position can also apply to receive up to $6,000 for job retraining, while part-time workers are eligible to receive $3,000 in retraining funds. GM and the union are expected to meet within the next month to “develop a plan to support the transition and position the operations for future success.”
GM Canada recently announced it would be converting Oshawa Assembly into a parts production and metal stamping facility, retaining about 300 jobs. An advanced vehicle test track will also be built on the site – expanding GM’s technology footprint even further in the southern Ontario region.
Source: Automotive News Canada
Flag photo via Unifor