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GM Portugal and Employee Representatives Agree on Transition Package for Azambuja Workforce


October 2006
 Filed under: GENERAL MOTORS CORPORATE Car News | GENERAL MOTORS CORPORATE Headlines
Lisbon, 2006-10-12 -- General Motors Portugal (GMP) and the employee representatives agree on a separation package to compensate the Azambuja Plant employees for the termination of their work contracts due to the end of production at the Azambuja plant by the end of the year. GMP’s offer is the best and most generous ever made by any industrial company in Portugal.
The financial conditions and details of the transition package were accepted by the employees. According to the agreement, GMP will pay, in the minimum, to every employee who has a permanent working contract, the corresponding to two monthly base salaries for each year of seniority. Those employees whose base salary does not reach €1,500 will receive one monthly base salary plus €1,500 extra for each year with GM Portugal. In addition, GMP will provide each employee for two years from the contract termination date with the following benefits, within the conditions actually in place in the company: health insurance, school subsidy, subsidy for the employees with disabled children and the individual accruals existing in the GMP Supplementary Pension Plan. Furthermore the employees benefit from special conditions to acquire Opel cars and parts.

The compensation package is linked to the fulfillment of a production plan incorporating the production of 23,062 Combo units until December 21, 2006, and the relocation of the Opel Combo production to Zaragoza. Eric Stevens, GM Europe Vice President for Manufacturing, said: “This is the best transition package ever presented in Portugal and it confirms GM’s commitment to minimize the impact of the Azambuja plant shutdown on its workforce. We appreciate the cooperation of our labor representatives to achieve such a constructive solution."

General Motors Corp. (NYSE: GM), the world’s largest automaker, has been the global industry sales leader for 75 years. Founded in 1908, GM today employs about 327,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. In 2005, GM sold 9.17 million cars and trucks globally, up 2 percent on the previous year and the second-highest total in the company’s history. In Europe, GM sells its Opel, Vauxhall, Saab, Chevrolet, Cadillac, Corvette and Hummer ranges in over 30 markets. It operates 11 production and assembly facilities in eight countries and employs around 64,500 people. More information on GM can be found at http://www.gmeurope.com .

Source: GM Portugal

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