Bentley is to reduce its headcount by 220 and will implement a 10% pay cut to save other jobs.
The luxury carmaker, based in Crewe, is taking action following the slump in global demand for its cars.
Staff salaries will be reduced between April and December, including that of its chief executive.
It hopes to cut 220 jobs across the business through voluntary redundancies. It already made 200 redundancies in October.
A seven week shutdown of its assembly plant begins in March.