GM to cut 1,000 jobs after workers take buyouts

• Source: Global Times
• [16:51 September 10 2009]
• Comments

General Motors Co. will cut about 1,000 salaried jobs this month after 1,900 non-union workers accepted buyout and early-retirement offers to help trim costs.

Most of the employees will be gone by October 1, a spokesman, Tom Wilkinson, said today in an interview. Those who volunteered to retire will receive enhanced benefits, while less-senior workers will get as much as six months of pay and benefits, or as much as a year for executives, Wilkinson said.

GM is shrinking its workforce to match reductions across its operations, including the shutdown of 14 US plants and three warehouses by the end of 2011 and the planned sale or elimination of half its eight domestic brands.

Chief Executive Officer Fritz Henderson is working to return Detroit-based GM to profit after $88 billion in losses by predecessor General Motors Corp. since 2004. The new company emerged from the remains of the bankrupt General Motors Corp. on July 10.

(Bloomberg)