To cut continued losses, General Motors is offering buyouts to 74,000 workers represented by the United Auto Workers union. GM's goal? To hire new workers at lower costs. And to move the 74,000 employees out, GM plans on offering cash payments of up to $140,000, depending on time served at the company.

Those who are eligible for retirement can leave with a cash payment worth up to $62,500 if they wish to also receive retirement benefits. Those willing to leave without requesting pension or health care coverage could leave with a cash payment worth up to $140,000, but only if they have been with the company for at least 10 years. Those employees who have served less than 10 years could receive as much as $70,000.

Along with moving old workers out, GM will be moving new workers in, and at a cheaper cost. Instead of paying its workers $28.12 an hour, GM will begin paying its workers between $14 and $16.23 an hour.


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