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GM to cut 10,000 salaried jobs amid crisis

(Agencies)
Updated: 2009-02-10 22:56

DETROIT -- General Motors Corp. said Tuesday it will cut 10,000 salaried jobs, citing the need to restructure itself with a government deadline looming and amid some of the worst sales in the auto industry's history.

In this Sunday, Dec. 7, 2008 file photo, a GM sign sits in front of a long line of unsold 2009 Escalades at a Cadillac dealership in the southeast Denver suburb of Lone Tree, Colo. General Motors said Tuesday, Feb. 10, 2009 it's cutting 10,000 salaried jobs, blaming the need to restructure the company amid the continued drop in new vehicle sales. [Agencies]

The Detroit-based automaker said it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.

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The company's statement said that the separations would be done through GM's severance plan, so there would be no buyout or early retirement packages as GM had offered in the past.

In its plan to Congress submitted late last year, GM said work force reductions would be necessary in order for it to be viable for the long term. Most of the cuts are expected to take place by May 1.

GM said the cuts will vary by global regions depending on staffing levels and market conditions.

In addition, GM said it will cut the pay of most of its salaried US workers beginning May 1 and continuing at least through the end of the year at which time the pay cuts will be evaluated.

The pay of US executive employees will be cut by 10 percent, while other salaried workers will see cuts of 3 percent to 7 percent, GM said.

GM faces a Feb. 17 deadline to present to the government a plan showing it can become viable. The plan is required by the terms of $9.4 billion in low-interest government loans to the wounded automaker, which is seeking another $4 billion from the Treasury Department.

The automaker is negotiating with bondholders and the United Auto Workers union for concessions and it is planning to close several factories. To prove its viability, it must show an ability to repay the loans and prove "positive net present value."