Economy

General Motors begins notifying 4,000 salaried employees who will be laid off

General Motors begins notifying 4,000 salaried employees who will be laid off”

GM tech centers in Texas, Georgia, Arizona and MI are expected to be hit hardest this time around, as the overall plan will ultimately cut a total of about 15,000 jobs and end production at five North American plants.

The cuts are part of an overall strategy to save the company roughly $3 billion by the end of 2019 and as much as $6 billion by the end of 2020.

General Motors is expected to start a new round of layoffs on Monday, cutting over 4,000 white-collar jobs, according to a report. However, the number of job openings at the company has decreased since late September, which was nearly two months before announcing its restructuring plans.

He said the company would face punishment for the closures, which included a plant in Lordstown, Ohio, that Trump personally promised to revive during the 2016 campaign.

But the automaker has taken serious heat for the plant closings and job cuts, with Barra facing days of critical meetings on Capitol Hill, as well as excoriating tweets from President Donald Trump.

"You know, the United States saved General Motors, and for her to take that company out of OH is not good", Trump said in November.

The exact timing of these layoffs remains unclear, however. More than 6,200 jobs are at stake.

All employees who get cut will receive job placement services and access to companies that have expressed interest in the employees, GM said. But trade tensions and global economic anxiety have led some companies to rethink their business plans and sparked concerns about the risk of a slowdown.

The company had about 2,300 salaried staff accept voluntary buyout packages that were offered to 18,000 employees. The cuts include eliminating about 8,000 salaried workers, or about 15 per cent. In addition, there were 1,500 contract employees who were not retained by the company.

Analysts expect lower earnings when GM reports financial results on Wednesday.



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