It Pays to Get Laid-Off at GM


	It Pays to Get Laid-Off at GM

Victoria Barret

12-8-2008 8:09 PM

1197 views

tags:

unions, auto-makers, general motors

Victoria Barret says:

Actions at a recently-shuttered GM plant show just how out-of-touch and costly union contracts have become.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/1611b69c-ce6d-4f4c-b3a3-deff022f0822/DB90A6EC-2820-439A-B0ED-72097ADDC55D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://online.wsj.com/article/SB122878314147589917.html" href="http://online.wsj.com/article/SB122878314147589917.html" style="font-size: 11px;">online.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB122878314147589917.html"><P>Under the union contract, laid-off hourly workers receive pay from GM to supplement unemployment insurance that brings their income to 72% of their gross pay. After 48 months, workers can enter a "jobs bank" and receive 85% of their gross pay, until another GM job opens up.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB122878314147589917.html"><P>Salaried workers at the plant, meanwhile, had the option to transfer or take early retirement, but weren't offered a buyout if they weren't yet eligible to retire. A handful of salaried workers will lose their jobs when the plant closes this Friday and receive a severance package.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/DB90A6EC-2820-439A-B0ED-72097ADDC55D/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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