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The Detroit Free Press has learned more details on when GM and the UAW will start the first phase of the $50,000 retirement buyout program.
GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$82.29 billion in assets and US$172.81 billion in debt.
General Motors bankruptcy. Only days after approaching the U.S. Government to seek further funding, General Motors published its losses for the final quarter of 2008 to be at $9.6 billion (£6.7 billion). This brought its overall 2008 losses to $30.9 billion. In 2007, General Motors made a loss of $38.7 billion.
One of the most overlooked problems with Ford and General Motors in recent history was their massively underfunded pension plans. Consider that at the end of 2012 Ford's global pension plan was ...
United Auto Workers. The United Auto Workers ( UAW ), fully named International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, is an American labor union that represents workers in the United States (including Puerto Rico) and southern Ontario, Canada. It was founded as part of the Congress of Industrial ...
The union is seeking 40% hourly pay increases, a 32-hour, four-day workweek, a shift back to traditional pensions, the end of compensation tiers and the restoration of cost-of-living adjustments.
The Public School Employees’ Retirement System (PSERS) is a pension fund for public school employees in the Commonwealth of Pennsylvania.Eligible members include all full-time public school employees, part-time hourly public school employees who render at least 500 hours of service in the school year, and part-time per diem public school employees who render at least 80 days of service in ...
General Motors plans to lay off about 1,300 workers in Michigan starting early next year due to vehicles they produce ending production, the company disclosed in state documents.