GM Suspends [Some] Employee Benefits
Cost-cutting carnage continues at the artist formerly known as the world’s largest automaker. The Detroit News reports that GM spinmeister Tom Wilkinson has announced that his employer is “temporarily suspending company matching of its 401(k) program as of Nov. 1.” Also gone by the end of ’09: tuition reimbursement and adoption assistance programs. (Tommy is a good boy who loves working at GM. Won’t you open your heart and help find him a home?) Meanwhile, the DetN is doing what it can to help, claiming the moves arrive as GM “navigates the downturn in the auto industry.” (As a group of non-romantic viewers chanted during the first half of the movie Titanic, “Ice berg. Ice berg.”) Oh, and Tommy said the automaker’s buyout program for salaried employees has been “well-received,” though he refused to reveal the number of workers who accepted the offer. So how about an update on the jobs bank, then? No? Never mind.
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The picture caption says Christy Hemme won't be appearing on TNA for a while. What's TNA -- an acronym for Tits 'n' Ass? Mikey, when GM cuts management pay to Toyota levels, we'll know the Board is truly concerned about and has decided to take responsibility for the company's fate. And truthbetold37, I realize that the loss of tuition reimbursement is a significant issue for those below the executive level. But frankly, that should have been done a couple of years ago. GM is suffering two-severed-arteries hemorrhaging of cash. Book value (assets minus liabilities) has been ZERO for some time. It's long past the time for drastic measures.
"The beatings will continue until morale improves."
She would make a better employee benefits program, at least the pain will feel good!