Sources say that General Motors successfully persuaded more than 6,000 United Auto Workers employees (or about 10% of the company's workforce) to accept voluntary buyouts. The number was unexpectedly high ? almost twice that of some analyst estimates, and equal to GM's suspected internal goal as well. Speculation about the number suggests that workers preferred a buyout to the uncertainty at GM. Some expect that GM will now hire new workers at much lower wage rates, since conditions of U.S. bailout money requires GM to reduce labor costs to levels of Japanese companies. The buyout package includes $20,000 cash, and a $25,000 vehicle voucher. Meanwhile, GM is expected to receive more government aid in the coming weeks.
See "GM?s UAW Buyout Is Said to Exceed 6,000 U.S. Workers", Jeff Green, Bloomberg News, March 25, 2009