South Korea's General Motors subdivision will cut around 5,000 employees in South Korea while maintaining productivity levels at the same level, Dow Jones reports referring to Reuters.

GM has 77% of shares in GM Korea and 17% belongs to the state-owned Korea Development Bank. According to Reuters, car maker discusses with the bank a $ 2.8 billion project, which includes the closure of the factory in Kunsan, where 2,000 people work.

GM Korea will increase the number of its employees from 16,000 to 11,000. But over the next 10 years the company has promised to create 1,100 new jobs.

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