GM temporarily cuts pay by 20% for 69,000 salaried workers amid coronavirus pandemic

Business

General Motors told about 69,000 salaried employees globally on Thursday that it will temporarily cut 20% of their salaries as the automaker attempts to save cash amid the coronavirus pandemic.

The deferment, which will begin April 1, will be repaid in a lump sum with interest no later than March 15, 2021, according to the company

About 6,500 U.S. employees also will be essentially temporary laid-off, which the company is calling a “salaried downtime paid absence.” The workers will receive 75% of their pay, keep seniority and retain health care benefits.

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