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Business/Finance See other Business/Finance Articles Title: Chrysler offers buyouts to hourly Detroit workers 1 hour, 16 minutes ago DETROIT (Reuters) - Chrysler LLC said on Monday it is offering buyouts of up to $100,000 each to hourly workers at 12 of its Detroit-area facilities as part of its November plan to eliminate up to 10,000 unionized jobs. ADVERTISEMENT The offer will be extended to about 14,000 workers represented by the United Auto Workers union at the plants which make cars, engines, axles and other parts, Chrysler spokeswoman Michele Tinson said. About 4,600 can opt for a more attractive retirement package. The buyouts could be extended to a 13th plant in Warren, Michigan, which was idled this week, and the automaker is in talks with the UAW to extend them to eight other U.S. plants, she said. The same offer was made earlier this year to hourly workers at plants in Belvidere, Illinois; Toledo, Ohio; and St. Louis, Missouri. General Motors Corp and Ford Motor Co said earlier in January that they had launched buyouts for UAW-represented hourly workers in North America. GM's buyout offers cover about 46,000 workers, while Ford said it would offer buyouts to all 54,000 UAW hourly workers. Ford did not announce a target for the buyouts but has nearly 12,000 retirement-eligible U.S. factory workers. Industry analysts expect the U.S. auto sector to experience another down year in 2008 -- with one investor predicting a possible 15-year sales low. Top U.S. auto executives have said they would not hesitate to further adjust restructuring plans as needed if the market weakened further. In November, Chrysler, which private equity firm Cerberus Capital Management took over in August, said it would cut up to 10,000 hourly jobs over the next 14 months as it moved to slash North American production. The cuts were in addition to 13,000 jobs Chrysler had already planned to eliminate as part of a restructuring plan announced in February. Combined, the two announcements represented almost half its unionized factory positions. Chrysler said in November it would also cut 1,000 salaried jobs and eliminate almost 40 percent of its white-collar contract positions. Cerberus took control of Chrysler in a $7.4 billion deal. Daimler AG retains a nearly 20 percent stake in the U.S. automaker. The Chrysler offers run through February 18, Tinson said. The buyout includes a lump-sum payment of $100,000 and six months of health benefits, while the retirement package includes a lump-sum payment of $70,000 as well as better pension and health-care benefits. (Reporting by Ben Klayman; Editing by Mark Porter/Derek Caney) It is quite instructive, although painful, to watch as another sector of manufacturing within the United States implodes. The lesson to be learned? A fractional reserve system is a snake that is just waiting for the chance to bite you, the credit slave. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: richard9151, All (#0)
The cuts were in addition to 13,000 jobs Chrysler had already planned to eliminate as part of a restructuring plan announced in February. Combined, the two announcements represented almost half its unionized factory positions.circa My God. Needless to say, this an announcement circa 1930 for this area.
Republicans (Democrats for that matter) ....... HAD ENOUGH?
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