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GM offers more buyouts
Workers have 45 days to accept the offer, said GM spokesman Tom Wilkinson, who declined to confirm the number of employees the company is targeting for early retirement. 'We have a lot of people that are in a position where this might be a good choice for them,' he said. The offers vary, but generally would increase a worker's years of service to increase their pension payout, Wilkinson said. For example, a 58-year-old employee could receive two extra years of service. 'The timetable for this program is quite aggressive with employees required to accept or deny the offer by mid-October,' David Kudla, chief executive officer of Mainstay Capital Management LLC in Grand Blanc, said in a statement Friday. GM spokesman Dan Flores said the criteria for determining who would be offered the deal included their eligibility to retire under GM's existing retirement rules and where GM most needs to make cuts based on its business needs. Workers who accept the offer will retire by Nov. 1, Flores said. The offers fit into the automaker's broad plan to cut costs by $10 billion and weather a slumping auto market that already has contributed to GM posting a $15.5 billion second-quarter loss. GM had 36,000 U.S. salaried workers at the end of 2007, down from 44,000 in 2000. The Associated Press contributed to this report. You can reach Robert Snell at (313) 222-2028 or [email protected].