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.
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