That sucks. Still better than a 100% pay cut though.
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Going to get worse unfortunately. Especially if the plants have to stay closed for months as they likely will be.
At Least this says they’ll get the money back within a year with interest.
GM knows it too.
What GM should do is pay employees the balance in stock with vesting time, to retain...
There have been a few issues with "Work at Home Ford Crew" but nothing Insurmountable. Life somewhat goes on at Dealership Level. Except "Pay" (no selly, no money).
But "What is the Work Load" if Plants aren't producing, Vehicles aren't Shipping, and People aren't Buying?
I just cannot imagine an Employer cutting 20% of your Pay, while you are still doing Your Job at the Best of Your Abilities. @ the time.
But I also Really Feel for the Employers, who are still dealing with Payroll, and Expenses, without incoming Profits.
GM, IMO. Should offer Voluntary Layoffs/Early Retirements, and see where they stand. At least then, Employee's would feel much better about working for a "Back Stabbing Corporation."
It's hard for All of Us, and will be for Months if not Years to come. But put the Choice in the Worker's Hands.
General Motors is freezing work on some vehicle programs and will temporarily reduce paychecks for all salaried employees globally by 20 percent to conserve cash as it weathers the coronavirus outbreak. But the automaker is promising to make up for the lost income within a year.
In addition, 6,500 salaried workers in the U.S. — mostly people in engineering and manufacturing functions who cannot work remotely — will be placed on leave and receive 75 percent of regular pay during the downtime.
So you get 80% pay if you can work and 75% if you can't?
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salaried workers globally reduced by 20%
salaried workers in the US reduced by 25%
So you get 80% pay if you can't work in the rest of the world and 75% if you can't in this country.
Just the beginning, the economy is going to nosedive for an extended period even when the stock market recovers.
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