First goes the matching 401(k)…
Forbes: General Motors Corp. said Thursday it will suspend several benefit programs for salaried workers as it seeks to cut costs in the difficult auto market.
The automaker will temporarily stop company matching of its 401(k) program as of Nov. 1, GM spokesman Tom Wilkinson said. It also will suspend tuition reimbursement and adoption assistance programs as of the end of this year, he said.
Wilkinson added the company’s early retirement program for salaried employees, which will complete Nov. 1, has been “well-received,” but he declined to say how many white-collar workers have accepted the offer. The Wall Street Journal reported on its Web site Thursday that more work force reductions would be necessary, and the automaker would begin making involuntary job cuts of its salaried work force.
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