Leave your feedback Share Copy URL https://www.pbs.org/newshour/show/gm-offers-employee-buyouts-after-38-7-billion-in-losses Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Transcript After announcing record annual losses Tuesday, General Motors said that it would offer buyouts for all 74,000 of its union employees -- allowing GM to hire lower-wage workers -- to help reduce costs. New York Times business reporter Micheline Maynard offers perspective on the auto industry's financial struggles. Read the Full Transcript Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. JIM LEHRER: And now back to the economy and to the troubles at General Motors, the third economic happening of the day. Gwen Ifill has that. GWEN IFILL: General Motors posted its third straight year of losses today, announcing a record $38.7 billion shortfall for 2007. GM has offered yet another round of buyouts and early retirement offers to all of its remaining 74,000 unionized employees in the United States.The programs would provide payments of as much as $62,500 for the most skilled workers eligible for retirement. United Auto Workers members with a decade or more of experience could also qualify for a one-time payment of $140,000, if they agree to quit and forego future benefits.The offers are designed to cut costs by replacing higher-paid workers with lower-paid ones.