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>> General Motors says its South Korean arm would file for bankruptcy if the union representing local workers did not agree to cut labor costs by April 20. That puts pressure on striking workers to quickly agree on a rescue plan for GM Korea. The US automaker said in February, it's shutting down one of its four local plants, and asked for both government help and the union concessions if it is going to stay.
GM Korea plans to reduce job numbers by 5,000 people, slashing nearly a third of its workforce. The crisis has put South Korean President Moon Jae-in in a difficult spot after he came to power last year promising to create jobs. GM says it will keep making cars if Seoul agrees to its proposed $2.8 billion restructure.
Nearly 2,500 GM workers have applied for redundancy packages so far. The union said early this month, it will not demand pay rises or bonuses this year, but wants GM to agree to a future production plan and job security. GM Korea employs nearly 16,000 people and previously made around one-fifth of the company's global Chevy output.