By the end of the year, General Motors plans to lay off 10,000 employees in order to reduce costs. G.M. is also considering selling Hummer and completely getting rid of Pontiac and Saturn (General Motors includes Hummer, GMC, Pontiac, Buick, Chevy, Cadillac, and Saturn). The article states that, "G.M. has received $9.4 billion in loans and could obtain $4 billion more if its progress report passes muster with the Obama administration. Chrysler, which has received $4 billion, also must outline its viability plans by next week."
Many workers are worried about losing their jobs and hope that the only consequence they will suffer will be a pay cut. The article says, "Gail Johnson, who has been at G.M. for 26 years, said, 'I’ll just be grateful if I have a job and a place to come to every day.' I believe I also read somewhere in a different article that one of G.M.'s upper division employees said he is willing to work for $1 a year until their debt is paid off.
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The facts within this post really caught my eye. It's crazy to see how so many individuals mentalities have changed due to job loss'. This also specifically drew my attention because I drive a GMC car and my I know many people that drive cars produced by Cadillac.
ReplyDeleteI researched more on General Motors Corporation and came to find that their deadline is Feb. 17th. This is when they will release their plan to the government showing that they can turn "positive net present value," meaning the value exceeds the investment of the company.
I also found that this means that salaries will be cut by 5% for most employees.