GM Defers Some Pay for White-Collar Workers
March 26 2020 - 6:12PM
Dow Jones News
By Mike Colias
General Motors Co. said it will defer some salary for more than
60,000 salaried employees to conserve cash as the coronavirus
outbreak cripples auto production and car sales world-wide.
Employees will have 20% of their cash compensation deferred
starting April 1, GM said Thursday. They will be repaid in a lump
sum by March 15, 2021. GM executives will have 25-30% of their
salaries deferred, the company said.
About 6,500 salaried GM employees in the U.S. will be put on a
"paid absence," receiving 75% of their normal salary. Those are
mostly employees in manufacturing or engineering jobs that can't be
done remotely.
Ford Motor Co. earlier Thursday said its top 300 executives
would have 20% to 50% of their pay deferred.
Write to Mike Colias at mike.colias@wsj.com
(END) Dow Jones Newswires
March 26, 2020 17:57 ET (21:57 GMT)
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