GM Is Out To Cut Employee Benefits

In a greater effort to save even more money, GM will be suspending matching payments to employee 401K plans as of Nov. 1. Additionally, they are reducing the salaries of their North American workers by 15%. This is almost as bad as them cutting retiree health care. It's not fair to those hard workers who are dedicating their precious time and energy into the company. But on the other hand, if GM doesn't do this, they may become unable to compensate these workers. This is also a part of GM's plan to raise $15 billion in liquidity throughout 2009.