GM Announces New Job, Salary Cuts

General Motors Corp. said Tuesday it would cut 10,000 jobs, or about 14% of its worldwide workforce, by the end of the year as part of its plan to show that it is a viable company.

About 3,400 of the jobs are U.S.-based and the company said most of those positions would be eliminated by May 1.

GM also said it would reduce the pay for executives and salaried workers beginning May 1. Executives would see a 10% pay cut and reductions for salaried workers would range from 3% to 7%.