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Business Briefing / Automotive

GM says 7,500 will take buyouts

March 27, 2009|Times Wire Reports

General Motors Corp. said 7,500 United Auto Workers union members had signed up for buyouts the company needs as part of cuts to keep $13.4 billion in U.S. aid.

The retirements and buyouts open slots for the biggest U.S. automaker to hire replacement workers at half the current union rate. Under the federal loans GM says it needs to survive, labor costs must match those of Japanese automakers in the U.S.

Also, Chrysler said it would extend its deadline to entice blue-collar workers to leave. The previous deadline was today.

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