GM Offers Voluntary Buyouts to U.S. Workers

General Motors ($GM@US) is offering a voluntary buy to its 58,000 white-collar employees in an effort to cut $2 billion in costs over the next two years. The “Voluntary Separation Program,” or VSP, will be offered to salaried employees in the U.S., as well as executives outside of the U.S. The last time GM offered such a large buyout program was for roughly 18,000 North American salaried employees in 2018 and 2019. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.