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Business

GM to shed 1,600 white-collar jobs

Latest update : 2009-04-20

The embattled US automaker General Motors has announced plans to cut a further 1,600 white-collar jobs over the next ten days as it races to meet a June 1 deadline to present an agressive restructuring plan before federal authorities.

AFP - Embattled US automaker General Motors, racing to restructure to avoid collapse, plans to cut 1,600 white-collar jobs in the next 10 days, a GM spokesman said Monday.
   
"Starting this week, GM will write to 1,600 white collars to let them know they'll separate by May 1," GM spokesman Tom Wilkinson told AFP.
   
The layoffs are part of GM's plan announced in February to shed 3,400 white-collar jobs this year in the United States, he said.
   
"We think we'll complete most of that by May 1," he said.
   
President Barack Obama's administration has given GM until June 1 to present an aggressive restructuring plan, after the government, which has pumped 13.4 billion dollars in public aid into the nation's biggest automaker, rejected its previous restructuring plan in late March.
   
GM, the former world's leading automaker that has been reeling from an auto sales slump amid prolonged US recession, could be forced to file for a bankruptcy court-supervised restructuring if it fails to meet the federal deadline.
   
In an update on its progress in developing the restructuring plan, GM reiterated Friday that it wanted to avoid filing for bankruptcy protection but was preparing for it nevertheless.
   
GM management says it needs five billion dollars in additional public funds soon to survive.
   
To date, GM has reduced worldwide headcount this year by 47,000 jobs, including about 26,000 outside the United States, bringing its global workforce to 200,000.
   
In the US, in addition to white-collar jobs, GM has slashed 7,000 factory jobs this year in a voluntary departure program, Wilkinson said.
   
 

Date created : 2009-04-20

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