GM offers buyouts to 18,000 employees

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ST. LOUIS -  General Motors is offering buyouts to more than a third of its white collar staff in the United States, as the company transitions to self-driving vehicles and other new technologies.

The largest American automaker announced a voluntary job reduction program to staff after reporting strong earnings for the just completed quarter.
GM employees with 12 or more years at the company -- about 18,000 of its 50,000 salaried staff in the United States -- will be given the offer. Typically about 10 to 15% of those eligible take the offers.
Although the company did not announce the buyouts as part of its earnings report, CEO Mary Barra told investors that GM (GM) would be taking "steps to transform the workforce to ensure we have the right skill sets for today and the future while also driving significant efficiency."
GM has not disclosed the details of the offer, but typically it is a formula that offers a certain amount of weekly pay for every year of service.
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