Honda Slashes Salaries in the United States
March 31, 2009 by Stephen Kersey
Filed under Business
The automobile industry is having a difficult time during this global economic downtown – and it’s not just U.S. automakers. Honda, a Japanese automobile company, said that it will cut salaries for its workers in the United States and the rest of North America.
Honda Showroom (Image: Flickr)
In total, Honda employees more than 35,000 people in North America. In addition to cutting salaries, Honda will also offer buyouts to its employees and has added perks to the retirement options. The Japanese automaker is expected to cut production in North America by approximately 60,000 vehicles.
General Motors and Chrysler are also using similar methods to cut their workforce. Even Toyota, regarded by many as the most successful automaker in the world, has had to cut back production in the United States. Toyota, which is also a Japanese company, is seen as Honda’s biggest rival.
Honda was founded in 1948 and had nearly $120 billion in revenue in 2008. Around the world, the company has more than 150,000 employees.
