General Motors is offering quit for cash to its employees but also looks to cut salaried worker benefits. The carmaker hopes to cut salaried headcount by about 5000 workers, under a buyout and retirement incentive program. GM employs 266,000 people around the world.
GM is also exploring a sale of assets which can expected to generate approximately $2-4 billion to stave off it’s ailing company due to tightening of credit and low sales.
“Never before have auto industry sales contracted at such a fast rate,” Nardelli explained. “Throughout this challenging time for our industry and our company, we have continued to face the realities of our business environment, and working as a team, we have been right-sizing our organization to become as competitive as possible.”
History shows you don’t know what the future brings. Quoted by General Motors Chairman and CEO Rick Wagoner
