GM to offer buyouts to all hourly employees

Troubled automaker GM continues to slash costs by offering employee buyouts.

GM spokesman Tony Sapienza said the buyouts will mainly target GM's 22,000 retirement-eligible hourly employees, though any union employee can take the offer.

A union official told The Associated Press then that GM would offer $20,000 in cash and a $25,000 car voucher for workers who retire early and those who simply leave the company.

Sapienza said employees will have until March 24 to decide whether to accept a buyout. Employees who accept the buyout will leave the company by April 1.