Top executives at Ford Motor Co. announced they would cut their own pay by 30% for 2 years Tuesday. The company will also halt bonus payments to salaried workers in 2009, and offer more buyout packages to hourly employees. The cash-saving measures come almost immediately after Ford reached an agreement with the UAW to pay less cash into a healthcare fund for retired employees. The UAW membership has not yet ratified the deal, but is set to do so by March 9th. Ford is the only auto maker of the ?big three? that has not taken federal aid.
See "Ford Executives Cut Own Pay 30% for 2 Years", Nick Bunkley, The New York Times, February 24, 2009