Even as Penske announced the purchase of Saturn, saving some 13,000 jobs, some Michigan logistics workers are being asked to vote on a contract they feel leaves them no options. The contract asks employees to choose between retirement, a buy-out or a buy-down. Employees with 30 years experience can choose to retire and will receive a cash benefit (significantly smaller for low-skilled workers) and a vehicle voucher. Employees without 30 years may choose to be bought out for the same severance benefits though without health or life insurance, or can continue working with a 50% pay cut. Some employees are happy just to have a job, others worry that they will not be able to live off a salary cut in half. The vote is scheduled to take place Wednesday.
See "Local Penske employees faced with tough decision", Matthew Smith, abc12.com, June 7, 2009