General Motors said salaried staff will have 20% of their pay deferred, amid coronavirus crisis.
According to an internal memo described to Bloomberg, the auto behemoth said that beginning next week through the fourth quarter or first quarter of 2021, GM's senior management team will take pay cuts of as much as 10% and defer 20% of their cash compensation. GM also will have 6,500 employees on leave with 75% of their pay until production resumes. GM's board will experience total compensation cut by 20%.
General Motors would be freezing work on new-vehicle programs, Bloomberg reported.