Some 7,500 hourly workers at General Motors Corp. elect to take a buyout or early retirement as part of the auto maker’s latest attrition program, an effort aimed at ultimately bringing its U.S. labor costs in line with rival Toyota Motor Corp. “This may be the last lucrative buyout program, but it behooves them to get to the (second-tier) wage,” says Aaron Bragman, an analyst at IHS Global Insight in Troy, MI. GM negotiated a 2-tier pay scale for its blue-collar workforce in a 2007 ...

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