Business

GM extends North American shutdown, does not set restart date

Automobiles are pictured on the Common Motors Co plant, that can give time without work to its staff in the course of the coronavirus illness (COVID-19) outbreak, in Sao Jose dos Campos, Brazil March 19, 2020. REUTERS/Roosevelt Cassio

WASHINGTON (1) - Common Motors Co (GM.N) stated Thursday it should prolong a shutdown of its North American crops past March 30, however added it does not know when it should restart operations.

In an e-mail to suppliers seen by 1, the biggest U.S automaker stated “given the unprecedented circumstances, precisely after we will resume manufacturing is unclear.”

The corporate additionally stated compensation of board members will probably be decreased by 20%, whereas executives will see a lower of 25% to 30%.

All staff may have 20% of their money compensation deferred, starting April 1, the corporate added stating that healthcare advantages are not impacted.

GM additionally stated deferment in salaried staff’ compensation will probably be repaid in lump sum no later than March 15, 2021.

Reporting by David Shepardson; extra reporting by Shradha Singh in Bengaluru; Modifying by Sandra Maler and Maju Samuel

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Joseph is an experienced freelance journalist. He has worked as a journalist for a few online print-based magazines for around 3 years. He brings together substantial news bulletins from the field of Technology and US. He joined the Sunriseread team for taking the website to the heights.

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