Ford Motor Co. Executive Chairman Bill Ford and Chief Executive Officer Alan Mulally have decided a 30 percent pay cut in their salaries. He salaried workers will sacrifice 
2009 bonuses. The local officers of the United Auto Workers have also approved cuts in overtime and layoffs. 

Union leaders are working to convince the automaker's 42,000 UAW workers to accept their own pay freeze and other concessions. 

Bill Ford has also stated that his total compensation will continue to be set aside and not paid until the company attains profitable position. 

The company is also giving Buyout Offers to workers who are eligible to retire and have at least 20 years of service as much as $40,000, depending on their skill level. The workers who are not eligible to retire can take $50,000 to quit. 

"We know these are challenging times and we all are affected by the tough actions we are taking," Ford and Mulally wrote in the memo. Ford, which lost a record $14.6 billion last year and is the sole US automaker to forego federal aid.