GM rescinds pay cuts

[spidey07]

I wonder what the pay czar will have to say about this? When all the other manufacturers have still cut pay and bonuses GM goes and restores their pay?

Eitherway, good for GM. Other workers can use this as leverage to demand their pay cuts be eliminated and their pay and benefits restored.

link
"General Motors told white-collar workers this morning that it is restoring temporary pay cuts made May 1.

The 3% to 10% pay cuts to salaried workers? pay came at a time when GM was desperate to save cash to keep the company operating prior to filing bankruptcy June 1."

 

[Engineer]

I want my fucking 5% back too damnit! :|

Edit: I'm sure it will be restored to the remaining employees once my plant is closed!

 

[spidey07]

Originally posted by: Engineer
I want my fucking 5% back too damnit! :|

Edit: I'm sure it will be restored to the remaining employees once my plant is closed!

Now you've got your leverage.

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Engineer
I want my fucking 5% back too damnit! :|

Edit: I'm sure it will be restored to the remaining employees once my plant is closed!

Now you've got your leverage.

Nah, the 2nd part (plant closing) sort of kills the leverage pretty quickly, don't you think?

Oh, and to comment: Good for them. Unlike the bankers complaining about not getting bonuses, these guys (all of them) took one for the team. That's something to be respected.

 

[rudder]

Hey its government money... why not pay GM employees what they are worth?

 

[Patranus]

I guess this is what happens when a bankrupt company is taken over by the government. I guess it only takes one phone call to DC to get those printing presses fired up!

 

[spidey07]

Originally posted by: Patranus
I guess this is what happens when a bankrupt company is taken over by the government. I guess it only takes one phone call to DC to get those printing presses fired up!

I don't know what, how or if politics could be involved in this decision. GM of all manufacturers is still doing the worst when you look at their year over year sales. Not that I think that is a good reason to cut pay. All auto manufacturers have made very significant cuts in pay. It just seems odd that GM is restoring it.

Maybe they're too concerned with losing good people? The worst thing to happen when you're trying to rebuild is lose your best talent. That has to be the reason.

 

[Vette73]

For those that did not read the story and went just by what the trolls are posting here is the FULL storey...


"restoring temporary pay cuts made May 1."

She added: ?We always said it was temporary.?


"In addition, salaried workers have seen an elimination of 401(k) matches, an elimination of pay raises and health care cost increases."


So this had nothing to do with DC. They still don;t have 401k match, no pay raise, etc...

 

[Engineer]

Originally posted by: Marlin1975
For those that did not read the story and went just by what the trolls are posting here is the FULL storey...


"restoring temporary pay cuts made May 1."

She added: ?We always said it was temporary.?


"In addition, salaried workers have seen an elimination of 401(k) matches, an elimination of pay raises and health care cost increases."


So this had nothing to do with DC. They still don;t have 401k match, no pay raise, etc...

I can say, from working in the auto industry (at least for now) myself, the pay cuts and loss of benefits (pensions, etc) is brutal and suck!

 

[Patranus]

Originally posted by: Marlin1975
For those that did not read the story and went just by what the trolls are posting here is the FULL storey...


"restoring temporary pay cuts made May 1."

She added: ?We always said it was temporary.?


"In addition, salaried workers have seen an elimination of 401(k) matches, an elimination of pay raises and health care cost increases."


So this had nothing to do with DC. They still don;t have 401k match, no pay raise, etc...

How do you figure it has nothing to do with DC?

You have temporary pay cuts because the company is in the toilet. Nothing has changed. The company is still in the toilet. Since nothing has chanced, what was the point of instituting pay cuts in the first place if they could have just not cut pay and kept things the same?

Something had to of changed and that was the purchase of GM by the Obama administration.

 

[boomerang]

From what I'm hearing in the Motor City, everyone in GM who's keeping their job (salary) is going to move down one level within the organization. What is unclear is if their pay will drop too. If so, this may all be a moot point. There's nothing to gain by dropping them down without the corresponding pay cut, so .....

I don't know the whole story or how all this works, so take it with a grain of salt.

1900 salary going out voluntarily the end of this month and there will be an additional 1000 layoffs. I heard this on the radio today.

It's far from over.

 

[spidey07]

That's happening to all manufacturers except kia and hyundai. Early retirement buyouts, exit buyouts, etc.