March 26, 2020 / 10:35 PM / 7 days ago

BRIEF-General Motors Says All GM Salaried Employees Will Have 20% Of Their Cash Compensation Deferred

March 26 (Reuters) - General Motors Co:

* GENERAL MOTORS SAYS GM’S BUSINESS & BALANCE SHEET WAS “VERY STRONG” BEFORE COVID-19 OUTBREAK

* GENERAL MOTORS SAYS STEPS CO IS TAKING NOW WILL HELP ENSURE THAT CO CAN REGAIN MOMENTUM AS QUICKLY AS POSSIBLE AFTER COVID-19 OUTBREAK IS OVER

* GENERAL MOTORS SAYS GLOBALLY, ALL GM SALARIED EMPLOYEES WILL HAVE 20% OF THEIR CASH COMPENSATION DEFERRED BEGINNING APRIL 1

* GENERAL MOTORS - DEFERMENT IN SALARIED EMPLOYEES COMPENSATION WILL BE REPAID IN LUMP SUM NO LATER THAN MARCH 15, 2021

* GENERAL MOTORS - EXECUTIVES WILL SEE TOTAL OF 25% REDUCTION AND 30% FOR SENIOR LEADERSHIP TEAM

* GENERAL MOTORS - BOARD WILL TAKE 20% REDUCTION IN COMPENSATION

* GENERAL MOTORS - HEALTHCARE BENEFITS ARE NOT IMPACTED

* GENERAL MOTORS - ABOUT 6,500 SALARIED EMPLOYEES IN THE U.S. WILL PARTICIPATE IN SPDA IN LIEU OF SALARIED DEFERRAL PROGRAM

* GENERAL MOTORS - SALARIED EMPLOYEES PARTICIPATING IN SALARIED DEFERRAL PROGRAM WILL RECEIVE 75% OF THEIR PAY WHILE ON SDPA

* GENERAL MOTORS - MOST AFFECTED EMPLOYEES ARE IN SALARIED MANUFACTURING/ENGINEERING ROLES & ARE NOT ABLE TO WORK REMOTELY

* GENERAL MOTORS - COUNTRIES ARE EVALUATING APPROPRIATE USE OF SIMILAR SALARIED DEFERRAL PROGRAMS Further company coverage:

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