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.