VH_Supra26
02-10-2009, 10:48 AM
by James Martinez
http://www.motorauthority.com/content/thumbs/g/m/gmlogorencenbuilding_main630_02-0122-636x360.jpg
Approximately 3,400 of GM's 29,500 American salaried employees will be impacted
General Motors has notified its employees that it will reduce salaried employment globally from a current level of 73,000 to approximately 63,000 - a reduction of 14% - over the course of the year. The company will also slash compensation and benefits for its remaining salaried employees as it attempts to turnaround its losses in the lead-up to the February 17 U.S. Treasury viability presentation.
In the United States, approximately 3,400 of GM's 29,500 salaried employees will be impacted. These reductions will be made using GM separation programs and policies, which provide for severance payments, benefit contributions and outplacement assistance. The majority of the reductions are expected to take place by May 1.
GM also announced a temporary pay reduction for a majority of U.S. salaried employees. This begins May 1, and will be effective through the end of the year, when it will be reviewed. In the U.S., executive employees will have their base pay reduced by 10%, and many other salaried employees will see reductions of 3 to 7%.
Salaried employment reductions in other regions will depend on staffing levels in the region and market conditions.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/gm-to-cut-10000-salaried-positions.html
http://www.motorauthority.com/content/thumbs/g/m/gmlogorencenbuilding_main630_02-0122-636x360.jpg
Approximately 3,400 of GM's 29,500 American salaried employees will be impacted
General Motors has notified its employees that it will reduce salaried employment globally from a current level of 73,000 to approximately 63,000 - a reduction of 14% - over the course of the year. The company will also slash compensation and benefits for its remaining salaried employees as it attempts to turnaround its losses in the lead-up to the February 17 U.S. Treasury viability presentation.
In the United States, approximately 3,400 of GM's 29,500 salaried employees will be impacted. These reductions will be made using GM separation programs and policies, which provide for severance payments, benefit contributions and outplacement assistance. The majority of the reductions are expected to take place by May 1.
GM also announced a temporary pay reduction for a majority of U.S. salaried employees. This begins May 1, and will be effective through the end of the year, when it will be reviewed. In the U.S., executive employees will have their base pay reduced by 10%, and many other salaried employees will see reductions of 3 to 7%.
Salaried employment reductions in other regions will depend on staffing levels in the region and market conditions.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/gm-to-cut-10000-salaried-positions.html