GM suspending some employee benefits to cut costs - KSLA News 12 Shreveport, Louisiana News Weather & Sports

GM suspending some employee benefits to cut costs

DETROIT, MI - ASSOCIATED PRESS 

General Motors Corp. says it is suspending several employee benefit programs as it navigates the downturn in the auto industry.

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 automaker has said it is trying to eliminate 15 percent of the costs associated with its white-collar work force in the U.S. 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.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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