Tuesday, February 10, 2009

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GM Said to Plan Pay Cuts for Most Salaried Employees

General Motors Corp., racing to meet U.S. conditions to keep $13.4 billion in government loans, will include pay cuts for salaried employees in a restructuring plan to be submitted Feb. 17, people familiar with the plan said.

The pay cuts will be in addition to firings of thousands of salaried workers to cut expenses as the largest U.S.-based automaker tries to win concessions from bondholders, labor unions and dealers, said the people, who asked not to be identified because the plans haven’t been announced. Some of the details may be revealed this week, the people said.

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