Last week General Motors, in an effort to staunch its financial bleeding, offered buyout packages to over 100,000 of its hourly workers. Today's Times brings the revelation that, under GM's Jobs Bank, many of these men are quite often paid full salary and benefits to sit around watching television, chatting, and playing dominoes.
This is indeed good work if you can get it, and as such, most workers don't have to think very hard about declining any offers to cash-out.
"Why would I walk out the door with $2,000 less per month and have to go find a job when I can sit in the bank, get my 30 years and retire?" asked Mr. Pruitt, who at 53 has 27 years' seniority and qualifies for a buyout that would pay him roughly half his hourly wage for three years if he leaves the company now. "It's really to my advantage to ride the bank out as long as it goes."
Ride that bank!
G.M.'s Jobs Bank Looms as Major Obstacle on Road to Survival [NYT]