Last lifeboat…

Well, you may or may not know that I work for Delphi Automotive, the spun-off arm of GM’s component operations. They’ve filed for bankruptcy and however that plays out, it’s plain to see that things are not going back the way they were.

GM and Delphi offered a retirement incentive package designed to cut the total number of employees drastically. Employees with 30 years of service, who are already elegible to retire, are being offered $35k to go. Those who are a bit short of 30 years are being offered another deal. Those with 27-29 years seniority are being given a pre-retirement package where they will be allowed to leave and accumulate the rest of their 30 years while being paid a slightly lower monthly amount.

Locally, that’s the bulk of the workforce. The last really big hirings were in the last half of the 70s. Until some recent, limited hirings in the 90s, almost no new hires were made. Anyone in betweeen those were GM area hires, and have other GM time that puts them near the 30-year service mark.

Those who are left without a retirement option, are being given a “Flowback” opportunity to transfer to a GM plant, if an opening exists. With GM offering essentially the same package, there should be openings despite their closing of some plants.

A friend at work, who will fall under the 30-and-out category and get the $35k incentive (as I do also) summed it up like this:

It’s like being given the last seat in the last lifeboat on the Titanic and they’re handing you a lifejacket to boot. You’d be a fool not to take it.

Posted in Rants, Work
One comment on “Last lifeboat…
  1. Al Gritzmacher says:

    It seems to be a popular analogy…

    Todd Seibt () a columnist at the Flint Journal wrote:

    There’s one image that keeps popping into my mind: Delphi is the Titanic, and people are crowded on the deck as the stricken ship lurches in the icy seas.

    Down below, the lawyers, the creditors, the judge, the union and the executives may or may not plug the hole, pump out the hold and get the steam up again.

    There is one crowded lifeboat left, the S.S. GM, and it’s full of people with their own problems on a cold, dark night.

    There is a helicopter whopping overhead, but no one can see land.

    The buyout folks have three choices: Take a helicopter payout and fly off. Stay aboard. Or try the lifeboat.

    For the Delphi-to-GM flowback folks? There is no helicopter option.

    In this scenario, there are no easy answers. Each option has another question behind it.

    For everyone involved, it’s more of a bet than a decision.

    Oh, and one more thing:

    No vacation days will be earned on the helicopter.

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