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GM Offers More Buyouts

DETROIT, Ohio (USA) - General Motors is offering a new round of buyouts to 74,000 U.S. hourly workers.

GM announced the buyouts this morning as it was releasing its fourth-quarter and full-year earnings. GM said it lost nearly 39 billion dollars in 2007.

The company has more than 10,000 UAW-represented workers in Ohio at an assembly plant in Lordstown, fabricating plants in Parma and Mansfield, a foundry in Defiance, a transmission plant in Toledo, and storage and distribution sites in Groveport and West Chester.

Workers who are within four years of their 30th anniversary can retire early and get reduced pay until their full retirement kicks in. Workers who are at least 50 with a decade of service can retire with reduced pension and health benefits.

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