GM Plans Job and Pay Cuts, Reports Say
By Michelle Krebs February 9, 2009General Motors will cut salaried jobs and cut salary of remaining salaried employees, various reports quoting unnamed sources say.
GM -- and Chrysler -- have a February 17 deadline to meet and show the government they have viability plans that will allow them to keep the government loans they received. GM has received $13.4 billion.
GM may eliminate at least 5,000 more salaried positions. It has offered buyouts to all 62,000 union workers, though they are primarily aimed at retiree-eligible workers. Details of salaried worker pay cuts are sketchy.
GM also is seeking concessions from bondholders and dealers. Details of those concessions also are few.
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