GM Offering Oshawa Workers Up to $150,000 in Retirement Incentives: Report

A new report out of Canada has details on the incentive offers for GM’s Oshawa workers to take retirement. It includes cash and incentives on cars.

Automotive News Canada reports that Unifor Local 222, which represents about 2,600 hourly workers at the plant, posted the bulletin detailing the offers.

Workers with more than 30 years of service, or who are of retirement age, qualify for $130,000 for non-trades and $150,000 for skilled trades workers. Assuming that’s in Canadian dollars, that’s $97,000 and $111,000 US, approximately.

Workers with between 26 and 30 years can opt to take 65 percent of their wages and go on leave until retirement time, with incentives of between $55,000 and $95,000.

Or they could choose to retire immediately and take $90,000 to $115,000. Workers taking the retirement offers would get a $10,000 vehicle purchase voucher as well, either immediately or when they hit 30 years, depending on the employee’s status.

GM announced last week that the plant would transition to manufacturing parts instead of assembling vehicles. A move that would cut the facility to 300 jobs from the current number, though Unifor officials said they expect that figure to grow.

The retirement incentive memo also noted that Chevrolet Impala and Cadillac XTS production would end in October, not summer as initially expected and that truck production would end on or before the end of the year.

The report also says that $40,000 retirement incentives will be offered at facilities in St. Catharines, ON, and Woodstock, ON. That could free up job opportunities for employees to move from Oshawa, a move that would come with a relocation bonus.

[source: Automotive News]