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GM to restore full pay for 69,000 salaried workers

Posted at 7:25 AM, Jul 30, 2020
and last updated 2020-07-30 07:25:24-04

General Motors announced Wednesday that it is ending salary deferrals "earlier than expected."

Plant closings send GM to $806M 2Q loss, but signs of improvement

CEO Mary Barra and other top leaders will continue to take salary deferrals, but full pay will be restored to GM's 69,000 salaried employees.

"We are ending salary deferrals earlier than expected. We thank our employees for their shared sacrifice to get us through an extremely uncertain time," the company said in a statement.

Even though GM was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million in the three months betweeen April and June.

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, but production didn’t resume fast enough to stem the losses.

The company reported a loss of 50 cents per share excluding one-time items. That was better than Wall Street expected, with analysts polled by FactSet predicting a $1.77 per-share loss.