In the wake of what may be the largest U.S. sales decline in Toyota's history, the Japanese automaker with an invincible reputation has announced plans that are awfully familiar to anyone who works for General Motors, Ford or Chrysler. Toyota will be eliminating bonuses for 3,000 white-collar workers, cutting executive pay, reducing shifts at its North American plants and begin offering buyouts to its Stateside plant employees.

Toyota has 14 plants operating in North America and plans to reduce or temporarily halt production at some of those facilities. The automaker is considering enacting a system called "work sharing" at its plants in Indiana, Kentucky and Texas, which would reduce employee work hours from 80 to 72 to adjust expenditures and output so that they better match current market conditions. The blue-collar buyouts will be offered to some 18,000 U.S. workers, but not those who work at Toyota's joint-venture assembly operation in California, which is unionized..

Additionally, Toyota is reducing executive pay by 5% and has cancelled all bonuses for white-collar workers in an attempt to stem losses and prevent layoffs, something it is desperately trying to avoid.

[Source: Reuters | Image: Getty]

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