Chrysler to cut 25% of salaries jobs

Chrysler to cut 25% of salaries jobs

US based automaker Chrysler has announced that they are now going to cut as many as 25% of their salaries job positions.

This job cut would begin starting next month. The company is also likely to announce more such restructuring programs in the coming months.

The company added that they are also going to cut a quarter of its contract employees.

The aim is to cut around 5000 positions in the company operations.

Chrysler Vice Chairman and President Tom LaSorda said in a statement on these new developments: “We have to align our capacity with what’s going on at retail. And that’s the tough decisions that we make. And of course, there’s probably going to be more if it stays at this level.”

He added: “These are truly unimaginable times for our industry. We continue to be in the most difficult economic period most of us can remember. The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continues to weigh on the economy. Never before have auto industry sales contracted at such a fast rate.”