General Motors (GM), the owner of Vauxhall and Opel amongst others, intends to cut 10,000 jobs across its world operations amidst falling sales. The move will, according to the Times, will mean GM will reduce its "global workforce from 73,000 to 63,000, with about 3,400 of its 29,500 US staff" losing their jobs. The planned cuts will all be made by the end of April.
The American car and van maker also intends to impose 10% pay cuts on its US executives in a desperate bid to reduce costs. The blue collar workers are also affected with most expected to suffer a pay cut of between 3% and 7%. GM intends the reduced salaries to take affect from May continuing throughout the year.
The moves not only address the issue of spiralling costs in the face of plummeting demand, but also prepare GM for showdown talks with the American Treasury as they seek a bailout.
GM owns the Vauxhall brand in the UK which makes the Astravan, Corsavan and Vivaro vans.
