GM extends North American shutdown of plants without stating restarting date

In a statement, General Motors Co disclosed, it will extend the shutdown of its North American plants beyond March 30. It did not set a restart date.

In an e-mail to suppliers, General Motors said, “given the unprecedented circumstances, exactly when we will resume production is unclear.”

The carmaker, also said, it has cut the compensation of board members by 20%, and executive pay will see a cut in the range of 25% to 30%.

All employees will have 20% of their cash compensation deferred, starting from April 1, said GM while adding healthcare benefits will not be impacted by these cuts.

GM will said, “deferment in salaried employees’ compensation will be repaid in lump sum no later than March 15, 2021.”

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