The "majority" of General Motors' salaried workforce and some executives have received buyout offers. The company said it's trying to cut costs to invest more in electric vehicles.
The company currently has 58,000 salaried employees in the U.S. The buyouts will target workers who have been with the company for at least five years and executives who have worked at the company for at least two years.
As part of the buyouts, workers will get one month of pay for every year of service up to 12 months. COBRA health benefits are also included. Workers will have to decide if they will sign the buyout by March 24, which will put them on track to leave the company by June 30.
GM previously said it planned to make $2 billion in cost cuts in 2023 as part of its EV transition, which has required shifting resources from its legacy auto business to new pursuits.
It also said during its most recent earnings report that it would strategically leave open some positions that were lost due to attrition.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
