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Sun Oct 20, 2019, 06:36 PM

$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)

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Reply $60,000 bonus offer may lure UAW-GM workers into retirement (Original post)
TexasTowelie Oct 2019 OP
Wellstone ruled Oct 2019 #1
Indykatie Oct 2019 #2
kimbutgar Oct 2019 #3
blueinredohio Oct 2019 #4
flotsam Oct 2019 #5

Response to TexasTowelie (Original post)

Sun Oct 20, 2019, 06:54 PM

1. Makes sense.

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.

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Response to TexasTowelie (Original post)

Sun Oct 20, 2019, 07:24 PM

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

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

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Response to TexasTowelie (Original post)

Sun Oct 20, 2019, 08:17 PM

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

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

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Response to TexasTowelie (Original post)

Sun Oct 20, 2019, 08:53 PM

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

Not a big incentive.

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Response to blueinredohio (Reply #4)

Sun Oct 20, 2019, 10:44 PM

5. Let's put this in perspective

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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