GM offers buyout; new workers will get less

The Detroit News reported Friday that GM is offering an early retirement package to about two-thirds of its work force and suggesting production cut-backs and plant closures. That's 46,000 blue-collar workers, on top of 34,000 since 2006. It would open positions for new employees who will receive lower wages and reduced health benefits.

The bulk of savings from the new, four-year contract won't kick in until 2010. That's when GM expects a key piece of the deal -- a fund that allows GM to pay a reduced rate to turn over $50 billion in retiree health care costs to the union -- will be implemented.