General Motors (NYSE: GM) To Cut 4,000 More Jobs by Year End

General Motors Corp. (NYSE: GM) announced Tuesday that they are cutting 4,000 more salaried jobs by the end of the year.

The company notified its more than 27,000 U.S. white-collar workers by e-mail Tuesday that that it will offer standard severance packages, and employees near retirement age will have the opportunity to retire early, spokesman Tom Wilkinson said.

Wilkinson said that GM is preparing to minimize its work force down to 23,500 employees by the end of 2009.

The automaker is in Chapter 11 bankruptcy protection and has received about $20 billion in loans from the U.S. government. The Treasury Department's auto task force is overseeing its plans to restructure and emerge from bankruptcy as a leaner, more competitive company.

GM already has reduced its salaried work force by more than 2,000 so far this year. The company started 2009 with about 29,650 workers, Wilkinson said.

Workers who agree to leave the company will get standard severance packages of two weeks' pay for every year of service, up to six months of pay, Wilkinson said. For those near retirement age, there are packages that will let them retire early with benefits, he said.

Involuntary cuts will be made based on performance, skills and length of service, Wilkinson said.

Workers have been told to reply to the latest offers by Aug. 3. The company plans to finalize who will be cut by Oct. 1, he said.

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