February 15, 2012 (New York Times)
DETROIT — General Motors on Wednesday said its salaried employees would stop accumulating pension benefits later this year as the company tried to narrow a large shortfall in its retirement funds.
G.M. also said its 26,000 salaried employees in the United States would receive bonuses but no across-the-board pay raises this year. They will receive one additional week of paid vacation time going forward.
The carmaker made the announcements a day before it is expected to reveal net profits of about $8 billion for 2011.