Thousands of Workers Accept Buyouts at GM, Delphi

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bout 47,600 hourly workers have decided to accept buyouts at General Motors Corp. and Delphi Corp. through buyout or early retirement offers, news services reported Tuesday.

The buyout offers were the largest of their kind in U.S. corporate history, the Washington Post reported.

About 35,000 workers will depart GM, mostly through early retirements, the Associated Press reported.

GM said the number of takers will allow the company to reach its target reduction of 30,000 manufacturing jobs by Jan. 1, two years ahead of schedule.

GM in November announced plans to cut its work force by 30,000, closing a dozen plants by 2008. (Click here for previous coverage.)

Delphi, GM’s biggest parts supplier, said Monday that about 12,600 employees represented by the United Auto Workers union took early retirement offers.

GM offered buyouts of $140,000 for workers with at least 10 years of service, while those with less would receive $70,000. The workers would cut nearly all ties with the company except for vested pension benefits, AP reported.

Delphi workers were offered a similar early retirement incentive, but its efforts to buy out some employees still needs bankruptcy court approval, AP said.