General Motors Corp. told its salaried employees yesterday -- two days before Thanksgiving -- that they won't receive a year-end bonus because of poor business conditions.
The action will affect 95,000 salaried employees, from the chairman of the board to office clerks. A spokesman in Detroit said GM expects to realize a $55 million savings from the decision. Hourly workers will receive a bonus because of a provision in their union contracts.
John Hartnett, a spokesman, said GM told employees that the nation's largest automaker has suffered a big loss this year and "significantly reduced its [stock] dividend."