GM will now offer retirement buyouts to 1,412 of its production workers after more negotiations with the UAW almost doubling the number of eligible employees from the 748 people initially covered by the contractual agreement.
The expanded group of workers will receive a $50,000 cash payment immediately as a retirement bonus, The Detroit News reports, and will vacate their current positions at General Motors on the 1st of June, July, or August, 2024.
The retirement buyout program, officially known as a Special Attrition Program (SAP), will come in three phases, with the 1,412 buyouts currently agreed upon comprising the first phase. The second phase of the program will arrive in the fourth quarter of this year, giving more workers a chance at the $50,000 buyout.
While the full roster of 1,412 employees signed up for the SAP’s first phase, GM intended to give the bonus to only 748, as noted above. The automaker wanted to cap buyouts at two percent of staff at each unionized plant, leading to widespread dissatisfaction among union members. Similar retirement packages are offered to the UAW at cross-town rivals Ford and Stellantis with no limit on buyout numbers.
The UAW returned to the negotiating table and, after approximately two months of talks, secured The General’s agreement to allow all 1,412 interested workers to retire with a SAP. The union’s vice president Mike Booth described this outcome as “a big win, and a big expansion from what GM was first willing to offer.”
Booth also made it clear that the UAW wasn’t content to rest on its laurels after this success, but would continue pushing the company for additional expansion of the SAP program. He said the union is “still fighting to win an expansion on that number” and that the next target is making the SAP available to all skilled trades workers who want to retire with a bonus.
Meanwhile, a GM spokesman, Kevin Kelly, stated that “we have committed that all interested eligible employees will have the opportunity to receive an SAP during the life of this agreement,” possibly signaling the automaker’s willingness to consider further expansions.
Subscribe to GM Authority for more General Motors business news, UAW news, General Motors production news, and around-the-clock General Motors news coverage.
Comments
WHEN IS CHEVY GOIN TO MAKE A 3/4 TON WORK TRUCK 4X4 WITH A REGULAR CAB N A 8′ BED?
Or a 1500 Regular Cab Shortbed V8?
Available in the Middle East
Not available hehe due to fuel economy regulations based on “foot print”. Wheel base and track width.
They already do!
A regular cab short bed Silverado with a 6.2 V8 would be a would be a logical Camaro replacement. Bring back the SS truck!
GM cannot hire a replacement skilled workforce due to the fact that their wage and benefit package is not competitive with what can be had elsewhere. When that changes then all of the existing skilled workers that are eligible to retire under this SAP will be able to do so. This was not completely addressed in our last contract. Now, GM will require their current skilled workers to not be entitled to benefit from this program due to their inability to hire skilled replacement employees. It is time for the UAW to demand that GM recognize that the skilled laborers are well worth paying more for what they do and have they have done for this company to be so successful. Still standing as a union.