DETROIT, Mich. — General Motors announced Thursday it will offer buyouts to a majority of its U.S. salaried workforce. The move is part of a plan to save $2 billion by the end of 2024.
According to the automaker, the buyouts will be offered to any U.S. salaried employee with at least five years of service and all global executives with at least two years of service.
GM said the "voluntary separation program" is part of efforts to "accelerate fixed cost reductions."
Other efforts to cut costs include reducing vehicle complexity and expanding shared subsystems between normal engine vehicles and EV programs and decreasing discretionary.
According to the automaker, employees interested in taking the buyouts must sign up by March 24 and depart by June 30, 2023. They are offering one month of pay for every year of service, up to 12 months of pay, a pro-rated GM performance bonus, and more.
This story was originally reported by Scripps News Detroit.