DETROIT — To achieve $2 billion in cost savings, General Motors Co. is offering a voluntary separation program to its employees, the automaker confirmed Thursday.
The majority of the U.S. salaried workforce is eligible for the program. GM employs about 58,000. Eligible employees must sign up by March 24.
"As part of our plan to accelerate attrition and achieve $2 billion in cost savings by the end of 2024, General Motors is announcing a Voluntary Separation Program for all U.S. salaried employees with at least five years of service and all global executives with at least two years of service," spokesperson David Barnas said in a statement. "This voluntary program offers eligible employees an opportunity to make a career change or retire earlier. We are offering three packages based on level and service to the company. Employees are strongly encouraged to consider the program. By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasingly competitive market."
