Auto giant General Motors announced Monday that it expects thousands of layoffs in the coming months, after the company's recent buyout and early retirement program failed to meet the goal set by executives for the year. Although roughly 6,000 workers had accepted the buyout as of last weekend, G.M. finds itself still with 7,500 more jobs to cut by the end of the year to reach its goal. The buyouts and layoffs come as part of the agreement between G.M. and the Obama administration in a joint effort to save the automaker from collapse. In addition, GM is expected to shutter about a dozen plants nationwide and layoff about 35 percent of its employees in upper management.
See "G.M. Plans Thousands of Layoffs", Nick Bunkley, The New York Times, August 2, 2009