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Chrysler Lays Off 25 Percent of Workers

Chrysler says it will cut 25 percent of its salaried workforce starting next month.

The cuts will be done through involuntary layoffs and voluntary retirements and buyouts, the company said. The cuts are in addition to previously announced reductions.

Chrysler has about 18,500 white-collar workers. It will also cut a quarter of contract workers. About 5,000 workers are expected to lose their jobs, the AP reports.

In a statement Friday, the company said employees were also told to cut expenses and reduce capital expenditures not related to major products.

--Kim Hart

By Kim Hart  |  October 24, 2008; 10:53 AM ET
Categories:  The Ticker  
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