US - General Motors Corp., saddled with US$70bn in losses since 2004 and declining sales, will eliminate more than the 5,000 salaried jobs already targeted and stop contributing to some retirement-savings plans.
Slower-than-predicted sales in US and Europe are forcing deeper cuts, the largest US automaker said in a letter to executives. Detroit-based GM will temporarily halt matching payments of as muc...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership for 12 months, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
