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GM Hacks 14% of Salaried Jobs

By Kevin Spak,  Newser Staff

Posted Feb 10, 2009 8:27 AM CST

(Newser) – GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut, while execs will see salaries cut 10%. The cuts will be part of the restructuring plan the company must submit to Congress next week.

A Chevrolet Sports Wagon is on display at a General Motors dealership in Sunnyvale, Calif., Tuesday, Feb. 3, 2009.
A Chevrolet Sports Wagon is on display at a General Motors dealership in Sunnyvale, Calif., Tuesday, Feb. 3, 2009.   (AP Photo/Paul Sakuma)
Troy Clark, president of General Motors North America and GM group vice president, introduces the Buick LaCrosse at the North American International Auto Show on Sunday, Jan. 11, 2009 in Detroit.
Troy Clark, president of General Motors North America and GM group vice president, introduces the Buick LaCrosse at the North American International Auto Show on Sunday, Jan. 11, 2009 in Detroit.   (AP Photo/Paul Sancya)
General Motors Vice Chairman Bob Lutz, left, and CEO Rick Wagoner are seen before introducing the Chevrolet Volt battery pack at the North American International Auto Show, Jan. 12, 2009 in Detroit.
General Motors Vice Chairman Bob Lutz, left, and CEO Rick Wagoner are seen before introducing the Chevrolet Volt battery pack at the North American International Auto Show, Jan. 12, 2009 in Detroit.   (AP Photo/Carlos Osorio)
In this Dec. 19, 2008 file photo, General Motors Corp. CEO Rick Wagoner meets with the media after his news conference at the company's world headquarters in Detroit.
In this Dec. 19, 2008 file photo, General Motors Corp. CEO Rick Wagoner meets with the media after his news conference at the company's world headquarters in Detroit.   (AP Photo/Carlos Osorio, File)
In this  Sunday, Dec. 7, 2008 file photo, a GM sign sits in front of a long line of unsold 2009 Escalades at a Cadillac dealership in the southeast Denver suburb of Lone Tree, Colo.
In this Sunday, Dec. 7, 2008 file photo, a GM sign sits in front of a long line of unsold 2009 Escalades at a Cadillac dealership in the southeast Denver suburb of Lone Tree, Colo.   (AP Photo/David Zalubowski)
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COMMENTS
Showing 1 of 1 comment
Guest
Feb 10, 2009 5:38 AM CST
Hm....GM is on the brink of not existing. Executives get 10% pay cut...hmm...GM on the brink of not existing...executives get 10% pay cut. Anyone else think maybe executives could get more cuts? Like maybe the same percent that sales went down?

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