general motors co gm announced a voluntary separation option for employees to accelerate cost reduction what happened general motors said that eligible employees who choose to leave the company will be offered a combination of lump sum payments and other compensation based on their years of service see also best electric vehicle stocks the company anticipates incurring pretax employee separation charges of up to 15 billion and and “up to 300 million in pretax noncash pension curtailment charges” while most of these expenses will be incurred during the first half of 2023 general motors expects to continue incurring additional costs throughout the rest of the year the company said in a regulatory filing on thursday general motors announced its cost reduction plan towards the end of january the program aims to cut costs amounting to 2 billion in the next two years by reducing product complexity and corporate overhead expenses the company said it expects 30 to 50 of these savings in 2023 “i do want to be clear that we’re not planning layoffs” said ceo mary barra at the company’s fourthquarter earnings call however in late february general motors slashed about 500 salaried positions across various functions to cut costs at the end of 2022 the company employed about 86000 hourly workers and 81000 salaried employees worldwide check out more of benzinga’s future of mobility coverage by following this link