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Originally Posted by GatorBlue371
First off, proof? and assuming you can back that up, thats a step in the right direction. a step.
Second, is this just GM or is this a Big 3 thing?
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GM thing as far as I know. I don't know if Chrysler releases their salaries.
I apologize, the 40% is actually 10%, I heard the numbers incorrectly. Nevertheless, here's an article:
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About 3,400 of GM’s 29,500 U.S. salaried workers will be dismissed by May 1, the Detroit-based automaker said in a statement. U.S. salaries will be cut temporarily by 10 percent for executives and by 3 percent to 7 percent for most others. GM Chief Executive Rick Wagoner, who already sliced his annual salary to $1, is reviewing salaries and benefits abroad.
“This is a dramatic step -- it shows they are turning a corner” in their restructuring plan, said Gary Chaison, a labor relations professor at Clark University in Worcester, Massachusetts. “It gives GM tremendous leverage in talking to bondholders and the unions about their own cuts.”
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http://www.bloomberg.com/apps/news?p...d=a584sX_99TF8
In terms of the additional salary/benefit cuts, I could try to look through and find an article on it, but I know personally from my father discussing it with me. His heathcare coverage has changed, his fees for things like company cars have increased (they are not free for employees), and the 401k matching has dried up.
Edit: looking into it further, I found this:
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10% for unclassified (executives); 7% for Levels 8 and 9 (managers, technical fellows, other senior folks); 3% for Level 7 and below. Levels 8 and 9 and unclassified enjoy the use of company vehicles.
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So "executives" isn't exactly the most descriptive. There are many unclassifieds at GM, not just a few elite VP's or something. This is quite a widespread cut.