General Motors has announced plans to buyout or offer an early retirement package to an estimated 30,000 hourly employees. GM Chairman and CEO Rick Wagoner says the deal will help General Motors reduce their structural costs from 34 percent of revenue in 2005 to 25 percent of revenue in 2010. During the announcement, Wagoner also thanked the United Auto Workers (UAW) union for their efforts in developing and communicating the buyout program.