General Motors offers buyouts to most U.S. salaried employees

General Motors
Posted at 11:02 AM, Mar 09, 2023
and last updated 2023-03-09 11:03:24-05

General Motors announced Thursday it will offer buyouts to a majority of its U.S. salaried workforce in an effort to save $2 billion by the end of next year

According to the automaker, the buyouts will be offered to any U.S. salaried employee with at least five years of service and all global executives with at least two years of service.

GM said the "voluntary separation program" is part of efforts to "accelerate fixed cost reductions."

Other efforts the automaker said it is taking are reducing vehicle complexity and expanding shared subsystems between normal engine vehicles and EV programs, decreasing discretionary spending, buyouts, and more.

According to the automaker, employees interested in taking the buyouts must sign up by March 24 and depart by June 30, 2023. They are offering one month of pay for every year of service, up to 12 months of pay, a pro-rated GM performance bonus, and more.