GM Chopping 10,000 Jobs, Executive Pay
Feb 11th, 2009 | By Mike Caggeso | Category: Financial NewsUnder the gun to return to profits, General Motors Corp. (GM) announced dramatic job cuts and dialed back pay to its white-collar workforce.
The largest U.S. automaker will cut its global salaried workforce from 73,000 to 63,000 by the end of 2009. GM will eliminate 3,400 of its 29,500 U.S. jobs by May 1, and its U.S. executives will see a pay cut of 10%. Many other salaried employees will take a temporary 3% to 7% pay cut.
“These difficult actions are necessitated by a severe drop in vehicle sales worldwide and by the need to restructure GM for long-term viability,” GM said in a release on its Web site.
Nearly every day it seems, GM’s turnaround efforts have been making gigantic waves.
GM and Chrysler LLC have until Feb. 17 demonstrate their viability to the U.S. government, or risk being forced into bankruptcy.
GM has received $9.4 billion and expects to get $4 billion more, while Chrysler has received $4 billion and is hoping to get another $3 billion. But in order to secure these funds, they must first prove they are able to repay the federal loans that are currently keeping the companies afloat in the worst U.S. auto sales climate in 26 years.
Source: GM Chopping 10,000 Jobs, Executive Pay
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