GM Sells Extra Days Off To Employees

[jeffrey]

Want more time off? Buy some. That's the deal that General Motors is offering its salaried employees. At a cost of $175 per day, a full-time, salaried employee can purchase up to five days off. Part-time employees can purchase up to three days, the Detroit News reported this week. The money is deducted from the workers pre-tax earnings.

The move is designed to improve morale and reduce payroll costs. If every eligible employee purchased all the days being offered them, GM could save as much as $34.4 million dollars, the newspaper said in a story Thursday.

Other Detroit-area automakers and companies have similar plans, according to the News report.

GM offered employees a similar plan last year, but under that plan days off were charged at the employee's normal daily rate of pay which was often more than $175. About 11 percent of the companies 40,529 salaried workers bought additional days last year, according to the Detroit News... [read more at money.cnn.com]