Deal of A Lifetime

General Motors lures retirees with a batch of brand-new extras

Hey, come on down! If you're 62, you may qualify for $13,000 toward a new car, plus health-care coverage for life. If you're only 50, forget the car, but take home up to $1,500 monthly and those health benefits. And get this: there are no limits on your earnings in your next line of work.

Sound good? General Motors certainly hopes so. For just such deals, all GM employees have to do is quit their job. In a drive to streamline its entire 289,000 hourly work force in less than two years, GM has begun to offer some of the most...

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