WNED-AM 970 NEWS, February 12, 2008, Tuesday

WNED-AM 970 NEWS

WNED-AM 970 NEWS

February 12, 2008, Tuesday

Arthur Wheaton was interviewed by WNED Radio discussing:

Local GM Workers to Consider Buyout Offers

WNED News

GM's Powertrain plant in Tonawanda employs more than 1,500 workers.
BUFFALO (2008-02-12) Workers at GM's Powertrain plant in the Town of Tonawanda will be offered buyouts.

After reporting a $38-billion loss for 2007, GM has announced that it is making a new round of buyout offers to all U.S. hourly workers in the hope of finding lower-cost help.

More than 1,500 UAW members work at the River Road plant.

Workers will learn the details of the buyout offers over the next several weeks. Those who accept the offer are expected to leave by July first.

Retirement-eligible workers are expected to get between $45,000 and $62,500 as an incentive to retire, depending on their skill level. Younger workers could get up to $140,000 if they leave and cut all ties with the company.

GM won't say how many workers it hopes to shed, but under its new contract with the UAW, it will be able to replace up to 16,000 workers with new employees who will be paid half the old wage of $28 per hour.