Home > business > G.M. to Cut 10,000 Salaried Workers

G.M. to Cut 10,000 Salaried Workers

General Motors, which must submit a satisfactory restructuring plan to the government next week to keep billions of dollars in loans, said on Tuesday that it would lay off 10,000 salaried workers worldwide this year and reduce pay for those who remain by as much as 10 percent.

A week earlier, G.M. extended more buyout and early retirement offers to its hourly work force; three months ago, it eliminated 5,100 salaried jobs, also through buyouts.

This time, however, the cuts are being made through layoffs rather than voluntary programs because the government loan terms prevent G.M. from using money from its overfunded pension fund to pay for buyout packages, as it has previously.

complete article @ NY Times

Categories: business Tags: , ,
  1. February 11, 2009 at 8:05 am

    You just have to wonder the state of a country that is losing ground on one of it’s biggest industries. I hope we bounce back soon.

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