7,500 employees (12% of the 62,400 hourly workforce) have agreed to leave GM, taking $20,000 cash and a $25,000 vehicle voucher as a buyout. GM won't replace all who are leaving, and will start hiring new workers at the union-negotiated wage of $14 per hour. Investors responded to the cost-cutting efforts, GM shares were up 14% on Thursday. GM cut a total of 60,500 jobs over the last three years. There is also the expectation that GM will get more rescue money from the government. Obama's new auto task force may give an additional bailout for the automakers; GM and Chrysler want $22 billion more in aid.
Reportedly GM autoworkers previously earnt a base rate of $28 an hour but it seems to me that could only refer to an average calculated from the total annual pretax earnings of employees at various levels in the hierarchy. For the average and median hourly earnings of US production workers, see http://www.bls.gov/oes/2007/may/oes_nat.htm#b51-0000 For an ordinary US production worker, $13-$15 an hour pretax is now a normal base rate, supplemented with shift work premiums, bonuses, holiday pay, adjustments and benefits. For auto workers wages generally see http://www.bls.gov/oes/2005/may/cars.pdf
J.
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Received on Sat Mar 28 09:25:53 2009
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