News COVID-19

GM Cuts Worker Pay by 20 Percent

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March 27, 2020—General Motors told its entire salaried workforce which is about 69,000 employees, that it will temporarily cut 20 percent of their salaries amid the coronavirus outbreak, reported CNBC.

About 6,500 U.S. employees who cannot work from home will go on paid leave, which the company is calling a “salaried downtime paid absence.”  The workers will receive 75 percent of their pay, keep seniority and retain health benefits.

Executives are also taking cuts of 5 percent or 10 percent to their cash compensation, excluding bonuses, stock options or other incentives

 

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