(WXYZ) — General Motors salary workers will get a 20% paycut amid the COVID-19 outbreak, 7 Action News has confirmed with the automaker.
According to the automaker, they plan to pay back the reductions by late 2020 or early next year, with interest.
"GM’s business and its balance sheet was 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," the automaker said in a statement.
GM is the latest of the Big 3 automakers to take cost-cutting moves during the coronavirus pandemic.
On Thursday morning, Ford announced the Executive Chair Bill Ford Jr. would defer his salary for at least five months and more than 300 other executives will defer 20% to 50% of their salaries.
All three automakers have shut down North American plants during the outbreak, but Ford said it was aiming to get some plants back up and running by April 14, the day after Gov. Gretchen Whitmer's executive stay-at-home order ends.
Additional Coronavirus information and resources:
Click here for a page with resources including a COVID-19 overview from the CDC, details on cases in Michigan, a timeline of Governor Gretchen Whitmer's orders since the outbreak, coronavirus' impact on Southeast Michigan, and links to more information from the Michigan Department of Health and Human Services, the CDC and the WHO.
View a global coronavirus tracker with data from Johns Hopkins University.
Find out how you can help metro Detroit restaurants struggling during the pandemic.
See all of our Helping Each Other stories.
See complete coverage on our Coronavirus Continuing Coverage page.