To save on costs, auto maker General Motors will cut its quarterly dividend in half to 25 cents a share, cap contributions to salaried workers retirement health benefits beginning next year, and cut the pay for its top executives and directors. GM also says it is considering making changes to salaried workers' pension benefits. In November, GM said it would cut a total of 30,000 jobs and close all or part of 12 plants through 2008.
See "G.M. Cuts Dividend and Trims Executive Pay", Micheline Maynard, The New York Times, February 6, 2006