"They been talking about it for months and everybody knew it was coming but didn't know what it would be, says "Jim". "Jim" asked that we hide his identity as he told us how he and his coworkers feel about GM's latest buyout plan. "Jim" has worked for the company close to thirty years--even relocating to stay within the fold. He'd even set his sights on his retirement day.
"P robably in about 2 or 3 years," he says. "Jim" falls in the group that--as they understand it--would receive both a monetary settlement and a retirement package. Some other workers, though would only receive a lump sum payment---up to 140 thousand dollars. "Jim" says much of what he knows he learned on the United Auto Workers website and through a company letter. So far, he says, that buyout doesn't sound too bad.
"Y ou know I am still young so I will probably go work somewhere part time you know," says "Jim".
Analysts say GM faced losses of 10.6 billion in 2005---and is paying an increasingly staggering costs in pension, healthcare and wages. And demand for GM cars---even the workers admit---is down.
"M ore people are buying foreign cars and taking shares from GM so you have to cut back somewhere," admits "Jim".