GM temporarily cuts pay by 20% for 69,000 salaried workers

The reduced pay, which begins Wednesday, will be repaid in a lump sum with interest no later than next March 15, according to a list of actions announced by the company obtained by CNBC.

About 6,500 U.S. employees who cannot work from home will go on paid leave, which the company is calling a “salaried downtime paid absence.” The workers will receive 75% of their pay, keep seniority and retain health benefits.

In addition to the 20% salary deferral for white-collar workers, executives are also taking cuts of 5% or 10% to their cash compensation, excluding bonuses, stock options or other incentives. The GM board will take a 20% reduction in total compensation.

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