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Date Posted: 09:08:57 03/27/20 Fri
Author: Eli
Subject: GM/Ford

GM told about 69,000 salaried employees globally it will temporarily cut 20% of their salaries.

The reduced pay, which begins Wednesday, will be repaid in a lump sum with interest no later than next March 15.

Ford CEO Jim Hackett warned employees that “tougher actions” such as job cuts could be needed depending on the severity and length of the coronavirus pandemic.

But he said the automaker’s goal remains “to manage through the crisis without eliminating Ford jobs.”

Ford’s top 300 executives will defer 20% to 50% of their salaries for at least five months as it attempts to manage through the coronavirus pandemic.

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