General Motors, facing a February 17th deadline to show the US government it's a viable company, said today that it will cut 14 percent of its salaried jobs globally by the end of the year and slash the salaries of many who remain.
Salaried employment will be reduced to 63,000, from 73,000, the company said in a statement and of these 10,000 jobs 3,000 to 4,000 will be lost in Europe, about 3,400 in the US with the remainder from the rest of the world.
In the United States most of the 3,400 jobs will be eliminated by May 1.
The cut in base pay for executives will be 10 percent. "Many other" salaried workers will have their pay reduced by 2 percent to 7 percent, GM said.
"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 the statement
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