General Motors announced today that is would cut 10,000 salaried jobs in 2009, as well as cut pay for remaining workers by 10%. The firm is facing a government-mandated restructuring in order to keep billions of dollars in government loans. Although the company has offered buyout and early retirement incentives to its workers, this round of layoffs is not voluntary. Affected workers will receive severance pay and benefit contributions, but with a lower total value than previously offered buyout packages because government conditions stipulate that GM can not use money from its pension fund for buyouts.
See "G.M. to Cut 10,000 Salaried Workers", Nick Bunkley, The New York Times, February 9, 2009