Bangkok Post

GM extends NA plant shutdown


WASHINGTON: General Motors Co said on Thursday that it would extend a shutdown of its North American plants beyond March 30.

In an e-mail to suppliers seen by Reuters, the largest US automaker said “given the unpreceden­ted circumstan­ces, exactly when we will resume production is unclear.”

The company also said compensati­on of board members would be reduced by 20%, while executives would see a cut of 25% to 30%.

“All employees will have 20% of their cash compensati­on deferred, beginning on April 1,’’ it added, stating that health-care benefits are not impacted.

GM also said deferment in salaried employees’ compensati­on would be repaid in lump sum no later than March 15, 2021.

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