Some GM workers are expressing frustration over the delayed implementation of the automaker’s new retirement buyout plan. The new retirement deal was ratified by the United Auto Workers (UAW) labor union last year after a six-week strike, and includes a $50,000 pre-tax lump sum for eligible workers. The details, however, have yet to be solidified, leading to uncertainty for some workers aiming to retire soon.
Per a report from Detroit Free Press, the new UAW contract outlines three specific times in which GM workers can retire in order to receive the bonus, with GM and the union hashing out the “timing, size, and scope of the offering.” However, even though the new UAW contract was ratified this past November, GM has yet to solidify the details, despite earlier indications that program details would be provided to union members by mid-January.
According to GM spokesperson Kevin Kelly, The General is working alongside the UAW to hash out the details now, while UAW Vice President Mike Booth indicates that union members will soon receive an update. However, not all union members who have expressed an interest in retiring will be eligible to receive the lump sum payment.
“We expect to finalize the terms for the first program in February and will communicate the size and timing to the membership,” Booth writes to union members, per Detroit Free Press. “As not all members who wish to retire with the lump sum will be included in the first program, we will also be discussing timing of future programs to ensure all eligible members will have the opportunity to apply for the lump sum.”
Adding to the frustration, Ford Motor Co. and Stellantis have already launched their programs, with both rival automakers offering a $50,000 buyout provision in their latest UAW contracts.
UAW members are urging GM to expedite the process and fulfill the agreed-upon commitments, as the delay affects members’ financial decisions and retirement plans.
The UAW represents 46,000 General Motors workers, as well as 146,000 workers across the three Big Detroit automakers (General Motors, Ford, and Stellantis).
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I hope you get the 50K bonus you were promised. You are going to need it to live paycheck to paycheck thanks to Biden who you all supported and continue to support in 2024. Everyone should have the opportunity to enjoy retirement after working 30-40 years. Best of luck!
Terrible that the UAW isn't doing more to get this out to GM workers when it is available to Ford and Stellantis workers. GM and UAW continue to keep Lordstown workers from being able to get back to their families. Sad.
WHAT ABOUT THE GMCH ELIGIBLE EMPLOYEES ? ARE THEY GOING TO BE INCLUDED IN THIS ? WE WERE TOLD THAT WE WOULD BE WHEN THEY ROLLED THE TENTATIVE CONTRACT OUT ! NOW THERE IS A QUESTION ON WHETHER WE ARE.
We are all in limbo. We go to work every day and do ridiculous things to accommodate the goals set before us! We all bargain in good faith not having a seat at the table of details and decisions , we wait through first quarter of 2024 for details of the enhanced retirement attrition plan. Keep the faith brothers and sisters! Tied to the chain a little longer….🧰🪛🔧🔨⚙️🛠️⚖️💰🚖🚘🚖🚘🚔🚍🚘🚖🚗🚕🚙🚌🚎
GM made $10 billion in stock buy-back purchases after our 2023 contract had passed. This is more than 13 times the cost of letting all that applied for the SAP buy-outs that we were promised at the contract roll out.
General Motors can afford the buy outs that were negotiated for the contract that we voted on. It is time for all union members to demand that General Motors abide by the contract that we voted on.