Coronavirus prompts GM to temporarily cut pay for 69,000 salaried workers
Ford, GM ramp up ventilator production in coronavirus fight
FOX Business’ Grady Trimble on how automakers, like Ford and GM, are helping fight the coronavirus pandemic.
General Motors is temporarily cutting 20 percent of salaries for 69,000 of its workers, or 42 percent of its global staff, the automaker confirmed Friday.
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The decision comes as companies both big and small are experiencing less demand and attempting to conserve cash amid the COVID-19 pandemic.
GM's pay reductions will also help ensure the company has "the expertise and manpower to regain our momentum quickly after the crisis," GM spokesman David Barnas told FOX Business.