GM to axe 10,000 salaried jobs, cut execs' pay
In a move to cut costs, GM has announced its latest step to pare down its operations ahead of a present restructuring plan. In the United States, approximately 3,400 of GM's 29,500 salaried employees will be cut.
NEW YORK, Feb 10 (Reuters) - General Motors Corp (GM.N) said it would cut its global salaried workforce to about 63,000 from 73,000 during 2009 and impose pay cuts for the remainder of its salaried workforce.
"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.
GM executives have said the company is looking for deeper and faster cost-cutting under the restructuring plan that will be submitted to the US treasury under terms of its $13.4 billion bailout.
GM started offering buyouts to 62,000 union workers last week and is in talks with the United Auto Workers about trimming benefits. People familiar with those buyouts said the automaker is targeting more than 10,000 union jobs and expects more than half that number to accept. Most non-union workers will see pay cut at least 3 percent.