General Motors cutting several hundred contract jobs
Company trying to shave US$2 bil from its budget by end of next year
To cut US$2 billion by the end of next year, General Motors Co has offered buyouts to most of its salaried workforce – it expects to reach about 50% of its US$2-billion goal this year.
CHICAGO – General Motors Co (GM) is cutting several hundred contract jobs in compliance with its US$2-billion cost-saving programme, reported Xinhua quoting The Detroit News yesterday.
The contract employees work at GM’s Global Technical Centre in Warren and other locations.
To cut US$2 billion by the end of next year, GM has offered buyouts to most of its salaried workforce. In early April, 5,000 employees would take the buyout, the local media quoted GM chief financial officer Paul Jacobson as saying. With the buyout programme, the Detroit-based automaker expects to reach about 50% of its US$2-billion goal this year.
In addition to buyouts, GM is looking to cut discretionary spending in areas such as corporate travel and marketing and focus on prioritising growth areas that offer the largest returns on revenue and margin.
Stellantis NV confirmed last week it would ask more than 33,500 hourly and salaried employees to consider taking voluntary buyouts.
source – Bernama
