GM To Cut 4,000 Salaried Jobs By Oct. 1

[UpInArms]

Source: Dow Jones

DETROIT -(Dow Jones)- General Motors Corp. (GMGMQ) will cut 4,000 U.S. white- collar jobs by Oct. 1 as part of an accelerated plan to shrink its workforce.

The bankrupt auto maker plans to eliminate more than 6,000 salaried jobs by the end of the year, up from an earlier announced reduction of 3,400 workers.

The cuts will be made through a combination of layoffs and separation incentives, GM spokesman Tom Wilkinson said. Some workers can opt to either quit and receive six months of pay and benefits or to retire early with full benefits.

Workers on Tuesday received letters notifying them of their options.

The auto maker, which filed for Chapter 11 protection on June 1, has been downsizing for years. But the pace of everything from plant closures to job cuts accelerated dramatically earlier this year after the Obama administration rejected the company's restructuring plan.

GM Chief Executive Fritz Henderson warned that more salaried jobs will need to go.

Read more: http://money.cnn.com/news/newsfeeds/articles/djf500/200906231622DOWJONESDJONLINE000608_FORTUNE5.htm

[WriteDown]

1. Most likely....

these folks will receive no buyout offers either.

[OhioChick]

2. Soon, everyone will be out of work. n/t

[blue_onyx]

4. Yep

MI is well on its way to 20% unemployment.

[OhioChick]

6. Ohio isn't too far behind you. n/t

[blue_onyx]

7. I know...

at least we can keep each other company in this economic abyss

:hug:

[OhioChick]

8. No doubt....

:hug:

[Yupster]

5. They'll be 10 people working at GM

at a cost of $ 5 billion apiece.

[tomreedtoon]

3. Union guys still support their former employers.

I'm sure we'll have UAW guys still insisting GM made world-class, non-crappy cars, and they'll continue saying it on the welfare lines - if there are any. Maybe if they fall down so much they end up as stickup men, they'll tell the people they rob to buy GM cars. (Why not? The management types they adore are big-time stick-up artists.)