GM Offers Buyouts for all US salaried employees
https://www.cnbc.com/2023/03/09/gm-buyouts-us-salaried-workers.html General Motors will offer voluntary buyouts to a "majority" of its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to workers Thursday from CEO Mary Barra. The "Voluntary Separation Program," or VSP, will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. What does it mean when they say VSP to all US salaried employees? How is this possible? TC: 225 K #layoff #generalmotors #severance
Is it like an indirect layoffs
It means everyone is expendable.
Lol still funding cruise at this point
It's probably their most important big bet
All US employees? Are they closing US businesses?
They mention only white collar employees
They did not say anything about closing any plants
This is crazy, but in this environment not sure how many will actually take it
How can the company function with that many fewer people? Are they planning to offshore the white collar jobs?
Iykyk 🤷♂️
They already do. Developers are outsourced to India.
Some executives are over excited or have too much faith in ChatGPT. 😂
All employees with some specific situation, particularly 5 years or more in the company
At this point, only offered to the salary work force
That's a pretty nice severance package they're getting if they do go for it
Before one lump sum taxes yes, after taxes it is a much smaller amount.
Can someone explain? Is it like severance?
It's a voluntary quit with a buyout. Some people may call it a severance. You cut all ties with GM. One lump sum taxed at the highest rate. .