Michigan

TexasTowelie

(112,858 posts) Sun Oct 20, 2019, 07:36 PM Oct 2019

$60,000 bonus offer may lure UAW-GM workers into retirement

Thousands of UAW-GM workers could soon be asking themselves a simple question: Is it time for me to retire?

If union members ratify a contract at General Motors next week, generous incentives — including a $60,000 bonus for some — could soon be in place to encourage many hourly workers to retire by the end of February.

The strike at GM — which continues through ratification votes next week — has had 46,000 UAW workers off their jobs at 55 GM facilities in 10 states since Sept. 16.

According to the UAW contract summary for GM hourly workers, terms include:

• A $60,000 retirement bonus for up to 2,000 eligible production and 60 eligible skilled employees who retire between Dec. 31 and Feb. 28, 2020.
• Retirement-eligible employees at three GM plants that are closing — including Warren Transmission in Macomb County — will be offered $75,000 for production workers and $85,000 for skilled workers if they exercise their right to retire.

Read more: https://www.freep.com/story/money/personal-finance/susan-tompor/2019/10/18/uaw-gm-retirement-bonus-contract/4021057002/
(Detroit Free Press)

5 replies

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$60,000 bonus offer may lure UAW-GM workers into retirement (Original Post) TexasTowelie Oct 2019 OP

Makes sense. Wellstone ruled Oct 2019 #1

That's a Decent Early Retirement Incentive And Will Have a Good Number of Takers No Doubt Indykatie Oct 2019 #2

$60,000 is peanuts maybe. 3 years max you can live on it. kimbutgar Oct 2019 #3

$60000 is one year's wages at G.M. without overtime. blueinredohio Oct 2019 #4

Let's put this in perspective flotsam Oct 2019 #5

Wellstone ruled

(34,661 posts)

1. Makes sense.

Reply to TexasTowelie (Original post)

Sun Oct 20, 2019, 07:54 PM

Oct 2019

Going to see more of these proposals being used to settle Contract issues. Having had to deal with this similar proposal years ago during contract negotiations in a Labor intensive Industry,and now with Robotics being the new kid on the block,one will always find takers.

Indykatie

(3,700 posts)

2. That's a Decent Early Retirement Incentive And Will Have a Good Number of Takers No Doubt

Reply to TexasTowelie (Original post)

Sun Oct 20, 2019, 08:24 PM

Oct 2019

As Union Retirees they will have retiree medical coverage to bridge them to Medicare eligibility.

kimbutgar

(21,318 posts)

3. $60,000 is peanuts maybe. 3 years max you can live on it.

Reply to TexasTowelie (Original post)

Sun Oct 20, 2019, 09:17 PM

Oct 2019

Make it $500,000 and now we’ll We can talk.

blueinredohio

(6,797 posts)

4. $60000 is one year's wages at G.M. without overtime.

Reply to TexasTowelie (Original post)

Sun Oct 20, 2019, 09:53 PM

Oct 2019

Not a big incentive.

flotsam

(3,268 posts)

5. Let's put this in perspective

Reply to blueinredohio (Reply #4)

Sun Oct 20, 2019, 11:44 PM

Oct 2019

I was 45 in NH when I was disabled at an industrial plant and my settlement was SS disability and 90 K which took 3 years and a lawyer to achieve. 60K is mot laughable to me if you exit with both cash and good health...

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