The changes were outlined by the vice president of global human resources of the company on Tuesday afternoon. However, details and sizes of bonuses or pension benefits were not disclosed. The fourth-quarter and full-year 2011 financial results of GM will be reported on Thursday. The company said that it will continue with its strategy of linking compensation to global performance and although there will not be any across the board pay hikes, bonus payout percentages will be increased by job levels. The company also announced that all the 26,000 salaried workers of the company in the US would receive an extra week of vacation. Last year, the workers had the option of purchasing extra time off.

 

In 2006, the salaried pension plan was changed so that all employees hired after Jan. 1, 2001 would be covered under 401(k) programs. GM announced Tuesday that even those employees hired before 2001 would transition to 401(k) retirement fund. The changes that are aimed at making the company more competitive will be effective from October 1.