Unions have delivered a seven-point plan to Holden demanding access to financial records, including executive salary figures, after the company flagged cost cuts at its Elizabeth plant in Adelaide.

The plan, drafted by the Federation of Vehicle Industry Unions (FVIU), will be delivered to Holden chief Mike Devereux.

FVIU spokesman John Camillo says the letter he received from Mr Devereux on Friday, which outlined the need for significant "labour cost savings" at the Elizabeth plant, was vague at best.

"The situation for these workers right now is job security; they're very concerned whether they're going to be around next week, next month, next year," Mr Camillo said.

The unions are seeking access to all financial data Holden used to arrive at its decision, full disclosure of executive salaries, and an independent business expert to review the company's books.

"If Holden isn't getting it right in relation to producing a most efficient vehicle, then I want a person who's very capable at looking at Holden's cost structure and their books that can [advise] Holden about turning around ... [from] not making losses to making profits," Mr Camillo said.

Unions will also negotiate the issue of pay cuts.

Mr Camillo says other areas should be looked at to improve productivity as wages account for only 10 per cent of operating costs.

But Holden says wage cuts are still on the table.

"Yes, we do need to look at that [enterprise bargaining agreement] and, yes, everything has to be on the table in order for me to be able to give us, Holden and our workers a chance to fight for their future," Mr Devereux told the ABC's Inside Business.

Talks of wage cuts spooks workers

The news of potential pay cuts has spooked workers at the Elizabeth plant.

Holden was seeking 400 voluntary redundancies from Elizabeth, which employs 2,000 workers, but only 300 applications had been received until last week.

Mr Camillo says up to 200 more workers are considering redundancies.

"Since Holden made the announcement in regards to their financial business plan, in regards to the Coalition not supporting the automotive industry. Once workers heard that, my understanding [is that] up to an additional 200 people are now saying this is too much for me and my family [and] I want to take the voluntary separation, I want to move on," he said.

Mr Camillo says the development shows employees that have been loyal to the company for years are starting to lose faith.

"I'm very worried for those remaining," he said.

"These people, two to three years ago, [during] the global financial crisis were on one week on, one week off," he said.

"They were on 50 per cent wages cuts and they struggled for 18 months to two years."

The union is calling on Mr Devereux to meet with representatives in Adelaide this week ahead of a shop stewards meeting planned for Thursday.

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