General Motors says it is suspending several employee benefit programs as it navigates the downturn in the vehicle industry.
GM suspends employee benefits
GM spokesman Tom Wilkinson said Thursday the company's buyout program for salaried employees has been "well-received," though he
wouldn't say how many white-collar workers have accepted the offer.
The carmaker has said it is trying to eliminate 15% of the costs associated with its white-collar work force in the US and Canada by Nov. 1. Wilkinson says GM executives received an update on the buyouts on Wednesday.
He also says the company is temporarily suspending company matching of its 401(k) program as of Nov. 1. He says GM is suspending tuition
reimbursement and adoption assistance programs as of the end of this year.