GM to slash white collar jobs
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Manufacturing News, Source : TheManufacturer.com
Published : 21 Mar 2005 19:48
Recently beleaguered General Motors Corp. has announced plans to cut nonunion employees from the payroll.
The cuts could run deep, totaling as much as 28 percent of white collar jobs at the auto maker. The company has also told all salaried employees that they will not see merit pay raises this year.
The layoffs come on the heels of last week’s news that GM’s income for 2005 would be just $1 to $2 per share. This comes out far below the $4 to $5 predicted by the company earlier in the year.
After several years of avoiding large-scale layoffs, this recent move suggests GM is trying to reconcile core problems in the company.
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