I have had a trade job for the last 16 years in a good union with great bennies and never had to fear that my job would be "outsourced" to some wanna be American,and all I got is a GED.
Great Union? We're all doomed. Especiallly our kids. Hopefully your union is stronger than the UAW, But, I doubt it..
NEW YORK (CNNMoney.com) -- General Motors posted better-than-expected fourth quarter financial results, but indicated that its efforts to shave costs are not behind it as it offered buyouts to 74,000 employees - its entire U.S. hourly workforce.
GM (GM, Fortune 500) reported that it earned a of $46 million, or 8 cents a share, excluding special items in the fourth quarter, on significantly better performance in its core automotive operations.
That's far better than the forecast of a 54 cent a share loss excluding items forecast by analysts surveyed by earnings tracker Thomson First Call. But problems in its GMAC finance arm reduced the overall profit on that basis from $180 million, or $.32 per diluted.
Including special items, the company reported a net loss of $722 million, or $1.28 a share, compared with net income of $950 million, or $1.68 a share a year earlier.
The company said it will offer buyout packages worth up to $140,000 to all of its workers represented by the United Auto Workers union.
"We've worked with our UAW partners to ensure our employees have a variety of attractive options to consider," said a statement from GM Chairman and CEO Rick Wagoner. "The special attrition program is an important initiative that will help us transform the workforce."
The company did not identify how many jobs it hopes to trim through the latest round of buyouts. But it stands to see substantial savings even if it hires new workers to keep the workforce at current levels. A new labor deal with the UAW reached last fall allows it to pay new hires lower hourly wages and far less expensive benefits than it does existing members
This post edited by likeitreallyis 08:41 AM 02/12/2008