Business

GM layoffs
by Claudia Sonea

It is rumored for General Motors Corp. to restructure its workers and move them from one factory to another due to the unstable US gas market. The company’s Chairman and Chief Executive Rick Wagoner will either confirm this news next week at their annual meeting. In the meantime, officially GM announced that a quarter of its hourly labor work was bought out in order to hire some new ones that would work for a half of what the former ones received. Also starting July 14 new layoffs will take place due to slow sales. But it did not state anything about the possibility of moving the workers from one factory to the other. Based on the fact that in the past it indeed relocated 175 workers to UAW plant near Orion, it is expected to do it again. Mike Dunn, Chairman of UAW Local 5960 confirmed that they are negotiating for a third shift. Apparently UAW Local 1112 already reached a deal with GM. 74000 of GM’s hourly workers received buy out offers in February, so that they make room for the 16,000 non-assembly workers included in the deal with the United Auto Workers. Also there were retirement offers with full pension and benefits and $140,000. GM did not offer any details on how many accepted. Yet analyst believed the rate was pretty good. Other analysts like that from Lehman Brothers predict further job cuts as sales are falling. It is no way of knowing what they will do or not. Until Tuesday you’ll just have to wait and keep your fingers crossed. Anything might happen…

related story: http://news.yahoo.com/s/ap/20080529/ap_on_bi_ge/gm_restructuring;_ylt=AvzuAR_lCxDsZIXXkXqGkRis0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 4:37 AM