GM offers deal to retire

November 06, 1992|By Knight-Ridder News Service

DETROIT -- General Motors Corp. unveiled a program yesterday to allow some U.S. and Canadian white-collar workers to retire from the automaker at age 50. Such workers would be among the youngest salaried retirees in the company's history.

The early-retirement offer is GM's second this year and one of the sweetest to date. The first, which ran from March to June, enabled white-collar employees to retire at age 53, 12 years before the company officers' mandatory retirement age of 65.

Under GM's new plan, white-collar employees in overstaffed units can retire at age 50, others at age 52, with full benefits. GM declined to say how many more workers would be eligible.

"This new retirement program will be in effect for the balance of calendar year 1992 and generally speaking will be available to all salaried employees age 52 to 61 with 10 or more years of credited service," Richard O'Brien, GM's vice president of corporate personnel, said yesterday.

The retirement offer surprised few around corporate headquarters. The No. 1 automaker has been steadily reducing its work force for two years.

By year end, GM had planned to shave its white-collar ranks by 9,000 employees and cut an additional 11,000 in 1993. The automaker is ahead of schedule, with 10,000 white-collar employees already pared from its 1992 payroll.

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