Ford Inside News Community - Reply to Topic
Thread: GM to end controversial 'jobs bank' Monday Reply to Thread
Send Trackbacks to (Separate multiple URLs with spaces) :
Post Icons
You may choose an icon for your message from the following list:

Register Now

In order to be able to post messages on the Ford Inside News Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


  Additional Options
Miscellaneous Options

  Topic Review (Newest First)
01-28-2009 01:28 PM
GM to end controversial 'jobs bank' Monday

NEW YORK (AP) -- General Motors Corp. says its "jobs bank" program will end Monday.

The program gives union workers at the Detroit automakers most of their pay and benefits while they are laid off.

The jobs bank was the target of much ire during the companies' requests for a federal bailout. The program's elimination was one of the conditions the government set when it agreed to lend GM $13.4 billion.

GM spokesman Tony Sapienza said Wednesday that the 1,600 GM workers in the jobs bank will be placed on layoff and will need to file for unemployment. They'll receive about 72 percent of their salaries, which will be paid for by state unemployment benefits and GM subsidies.

The length of time workers can receive the benefits varies from state to state but usually amounts to about 48 weeks.


Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

For the best viewing experience please update your browser to Google Chrome