GM rescinds white-collar pay cuts made in spring
2:52 PM Fri, Sep 11, 2009 | Permalink
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DETROIT -- General Motors has rescinded white-collar pay cuts it made last spring as it desperately tried to conserve cash and avoid filing for bankruptcy protection, according to The Associated Press. The cuts, ranging from 3 percent for many lower-level workers to 10 percent for executives, saved the company about $50 million but eventually it spent 40 days under bankruptcy court protection, emerging on July 10. The cuts affected workers in the U.S. and Canada as well as some overseas countries. GM was losing employees to other companies because its pay scales were no longer competitive with other automakers and manufacturing companies, spokesman Tom Wilkinson said Friday. He did not know how many had left or exactly how many workers were affected. The company has about 25,000 U.S. salaried workers mainly in the Detroit area. Some employees at the bottom of the pay grades did not see salary cuts. 
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