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GM Korea to defer 20 pct of pay from April amid virus woes

All News 17:30 March 30, 2020

SEOUL, March 30 (Yonhap) -- GM Korea Co., the South Korean unit of General Motors Co., said Monday it will defer 20 percent of pay for manager-level employees from April amid the new coronavirus outbreak.

In a message to employees, the company said the managers will receive the deferred salary in a lump-sum payment later this year or in the first quarter of next year.

The company also plans to defer 20 percent of pay for executives from next month and in addition, cut 5 to 10 percent of their salaries, as the company moves to protect its balance sheet in response to COVID-19, a GM Korea spokesman said.

The move is in line with parent GM's plan to delay paying 20 percent of salary for its 69,000 employees worldwide.

In an email statement, the Detroit carmaker said, "GM's business and its balance sheet were very strong before the COVID-19 outbreak and the steps we are taking now will help ensure that we can regain our momentum as quickly as possible after this crisis is over."

This photo, taken on Feb. 17, 2020, shows GM Korea's plant in Incheon, just west of Seoul. (Yonhap)


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