Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (17672)	8/13/2004 9:13:51 AM
From: re3	Read Replies (1) \| Respond to of 110194

GM Lets Salaried Workers Buy Vacation Thu Aug 12, 6:00 PM ET Add Business - AP to My Yahoo! DETROIT - Salaried workers at General Motors Corp. can buy up to five extra vacation days this year for $175 a day, a plan the No. 1 automaker says is designed to save millions of dollars and boost morale. GM also let white-collar employees buy extra vacation last year. Part-time employees may purchase up to three days. The company would save $34.4 million if every eligible worker took full advantage. "It's a cost savings for us," GM spokesman Kerry Christopher told The Detroit News for a story Thursday. "But offering more vacation days is something employees really appreciate." Last year, 27,500 employees, or 68 percent of GM's 40,529 salaried U.S. workers, bought an additional five days of vacation, Christopher said. They were charged their daily pay rate, which in many cases was more than $175. GM has reduced its U.S. salaried work force to 39,362 this year, mainly through attrition. The automaker detailed the offer in an e-mail to employees last week. Workers have until Friday to accept. The offer is especially popular with employees who have worked for GM less than five years and who receive two vacation weeks a year. Ford Motor Co. employees get "flex dollars" used to buy health and dental insurance. Any remaining flex dollars can be used to buy up to 10 extra vacation days, said spokeswoman Marcey Evans. DaimlerChrysler AG has a similar program using a combination of credits and cash. About a third of the company's 15,210 non-union salaried workers have purchased between one and five days, said spokeswoman Angela Ford. ___ On the Net: General Motors Corp.: gm.com Ford Motor Co.: ford.com DaimlerChrysler AG: daimlerchrysler.com ___ Information from: The Detroit News, detnews.com