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Fri September 11, 2009
AP Source: GM to restore salaried worker pay cuts
DETROIT, MI – A person familiar with the matter says General Motors Co. is telling employees in an e-mail that it will restore white-collar pay cuts made earlier this year, as of Sept. 1.
The person requested anonymity because no official announcement
has been made.
The company cut executive-level pay by 10 percent, manager pay by 7% and most other salaries by 5% in the spring as it struggled to avoid bankruptcy protection.
The cuts in the U.S., Canada and several other countries saved millions but GM ended up spending 40 days in bankruptcy protection. It emerged on July 10.
Workers received GM's e-mail on Friday, the person said. The e-mail says the reinvention of the company is just beginning and it appreciates the sacrifices employees have made.