GM to cut 10,000 more jobs worldwideFebruary 11th, 2009 - 11:15 am ICT by IANS
The company is trying to hang on to $13.4 billion in government loans, which could be withdrawn if GM does not come up with a survival plan.
About 3,400 of 29,500 US salaried workers are to be dismissed by May, the Detroit-based automaker said in a statement, Bloomberg financial news reported Tuesday.
GM head Rick Wagoner, who has cut his salary to $1 a year, said he would review salaries and benefits for foreign employees. In the US, salaries will be cut 10 percent.
GM has until Feb 17 to submit its plan to the US Treasury Department that will show how it will reorganise, restore profit and repay US loans by the end of 2011.
Union representatives and bond holders were meeting this week in Detroit to negotiate the plans.
Amidst the year-old US recession, auto sales have dropped to their lowest in more than a decade.
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Tags: auto sales, automaker, bond holders, decade, financial news, gm, government loans, jobs, recession, rick wagoner, salaried workers, salaries, salary, survival plan, treasury department, union representatives, us treasury department