General Motors CEO Mary Barra’s company is making an effort to save $2 billion by the end of next year, which GM revealed on Thursday, March 9 that it will offer buyouts to most its salaried employees in the United States.
In an effort to save $2 billion by the end of next year, General Motors revealed Thursday that it will offer buyouts to the majority of its salaried employees in the United States, WXYZ reported.
Any U.S. salaried employee with at least five years of service will be eligible for the buyouts, as will all global leaders with at least two years of experience, according to the company.
In an effort to “accelerate fixed cost reductions,” GM claimed the “voluntary separation program” is a component, according to the article.
In addition, the manufacturer claimed it is boosting common subsystems across its EV and conventional engine vehicle programs, lowering discretionary costs, buying out employees, and other initiatives.
Employees who are interested in the buyouts must sign up by March 24 and depart by June 30, 2023, according to the manufacturer. They are providing up to 12 months of compensation, one month of pay for each year of service, a prorated GM performance bonus, and other benefits.
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