General Motors cut executive pay and shed 10,000 jobs

General Motors (GM), which is America’s largest carmaker, is to make 10,000 employees redundant as sales plummet as a result of the slump in global demand for cars.

GM will reduce its global workforce from 73,000 to 63,000 and slash pay for US executives by around 10%.

Furthermore, the company has announced it will implement pay cuts for other workers of between 3% and 7%.

The car industry worldwide has suffered as consumers cut back and many other companies within the industry have been making cut backs.

Approximately 3,400 of its 30,000 US workforce will go with the majority of the redundancies completed by early May.

The news comes just 24 hours after Japanese carmaker Nissan said it will make 20,000 job cuts worldwide over the next 12 months.

Nissan also announced that directors on the board will forego bonus pay for the year ending March, while managers’ salaries will be cut by 5%.

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