The global recession has drained out the reserves of almost every corporate giant in the world and on all the occasions it was the government aid that came to the rescue and also prevented some companies to the extent, of saving them from being bankrupt and shutting down business and also help the companies to keep their workforce and cut less jobs.
Well talking about job cuts, automobile giants General Motors Europe has start to apply continuous pressure on the governments including Britain to provide them with 3.3bn pounds of aid because it is estimated that they will be running out of cash by the end of this month. Senior executives of the firm said that the company which comprises of Opel, Vauxhall, if they come across such a situation of money crunch, would have to consider the option of job cuts and it could go up to 300,000 jobs cuts across Europe. Further adding that their US parents have already cut some 47,000 jobs which also includes 26,000 job cuts overseas.
The chief operating officer of GM made the point that they will try to stay alive but he does not give any guarantee that they could remain alive and also solvent. The head of GM Carl –Peter Forster confirmed that the company in any which ways is looking at the option of job cuts in its restructuring plan which they are discussing with the government.
Forster indicated that three of its plants are already facing possibility of shutting down but said that the Ellesmere Port, on the Wirral, which was identified as an unprofitable unit and it has become so lean now that there is no place for headcount reduction there. And their plants in the Antwerp and the German towns of Bochum and Eisenach have been identified as the plants which will go under the hammer and be shut down.
At least four of the EU governments including that of Britain have churned out 1.2bn pounds in cost – savings for the company after Forster claiming that the union was pressing for alternatives to job cuts and plant closures. And the present solution although temporary right now seems to be the slashing in work hours and laying off part time staff, all in the attempt to reduce cost.
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