Salary cuts and job cuts in Opel
Berlin, Mar 4: German automaker and a part of US giant General Motors (GM) warned to cut 3,500 jobs if the government does not help the company out of crisis. Salary cuts are already expected and on top if that comes job cuts of not more than 3,500 jobs, said GM Europe chief Carl-Peter Forster in an interview with the mass circulation daily Bild Zeitung.
GM, has requested the US Government for around $30 billion (€24 billion) in loans. The Company is also in talks with German authorities on how to save its German
subsidiary that has 26,000 workforce.
GM is also in talks with governments of Belgium, Britain and Spain, where Opel also has factories. The company needs €3.3 billion in loans or direct share holdings by 2014 to save all the units.