Tata owned Jaguar and Land Rover announced today that they will be cutting 450 jobs today due to a “severe” reduction in demand for new cars. The cuts include about 300 management level jobs and 150 salaried agency staff.
The group said that managers will not be receiving any bonuses in 2009 and management pay increases have been deferred to Oct. 1 of this year.
Jaguar Land Rover Chief Executive David Smith said that he doesn’t expect sales condition to return to normal anytime soon.
“It is only right and proper that our response to the unavoidable impact of the credit crunch and a severe reduction in demand includes actions across all grades and functions in the company.”