With pressing financial problems and low sales requiring the Big Three automakers to cut their fixed costs as much as possible, both General Motors and Chrysler are offering buyouts to current employees to cut them from the labor rolls. Autoblog reports on GM’s buyout offer:
 

GM is struggling with costs in the wake of historically poor automotive sales, and the Detroit automaker is offering more UAW buyouts to trim its blue-collar workforce. The incentive package includes $20,000 in cash and another $25,000 in car voucher form. GM is also looking for workers over the age of 50 with ten or more years of service to take an early retirement. Details of that plan are not yet available as the rank and file have not been officially notified, but GM’s buyout package is reportedly the same whether employees leave before they’re eligible for retirement or not.

And on Chrysler’s buyout offer:

With the February 17th deadline for proving its long-term viability looming, Chrysler LLC has reportedly launched a new round of buyouts for hourly workers. Word comes from an unidentified United Auto Workers official that Chrysler hopes to off load an unknown number of workers eligible for retirement and replace them with new hires that would earn half as much ($14/hr instead of $28) and receive half as many benefits. Unfortunately for those veteran workers who didn’t take the automaker’s buyout offer last year, the new round reportedly offers less attractive incentives to leave. Workers eligible for retirement who accept the offer will get a $50,000 incentive and $25,000 voucher towards the purchase of a Chrysler vehicle in lieu of a $70,000 incentive offered last time. If workers choose to leave with no retiree health benefits, the incentive jumps to $75,000 with a $25,000 voucher, though last year they received a straight $100,000 incentive. The only plus side is that workers are now reportedly eligible for retirement if they’re 55 or older with 10 years on the job.

With the closing of the Jobs Bank for both companies, these buyouts should be attractive to many autoworkers who might otherwise stay on the job and collect nearly their full salary while being laid off.