General Motors is offering voluntary buyouts to roughly 18,000 salaried employees in North America who have 12 years or more experience, according to a company-wide email sent out this morning. The buyout applies to any salaried employee who began their employment at GM began Dec. 31, 2006 or sooner.
While a number of volunteers GM is looking for has not been specified, if the General Motors buyouts do not see enough participation, the company will begin to unceremoniously lay off workers. It’s also unclear how much this round of buyouts will cost.
Eligible employees only have until Nov. 19 to volunteer for a buyout.
A round of General Motors buyouts happened ten years ago, just before the company declared bankruptcy, along with over 10,000 involuntary layoffs, which accounted for almost 15 percent of its total salaried global workforce at the time. In March of 2009, 7,500 employees took the offer. According to its 2017 annual filing, General Motors has a salaried workforce of 77,000 people, down from 90,000 in 2016. A number that was sharply cut after the automaker sold its European operations under Opel to the French PSA Group.
General Motors buyouts were also offered to blue collar workers this year, as nearly 600 Lordstown Assembly employees took the offer back in June. Workers were eligible for up to a $50,000 one-time payment, based on tenure and seniority. The Lordstown Assembly plant is currently operating under one shift and builds the slow-selling Chevrolet Cruze. Additionally, GM offered buyouts to 2,500 salaried workers in South Korea, or roughly 15 percent of the company’s white-collar workforce in the region. The South Korean buyout package included three times a worker’s base salary, money for the college tuition of their children and $9,000 towards the purchase of a new car.
Deeper details of the latest round of General Motors buyouts are not immediately apparent.