G.M. Suspends Dividend and Plans More Layoffs

By NICK BUNKLEY and BILL VLASIC

DETROIT — General Motors said Tuesday that it would reduce labor costs for salaried workers by 20 percent, eliminate its quarterly dividend and further reduce truck production to ensure that it has enough cash to finance its turnaround for at least two more years.

The moves are expected to raise about $15 billion by the end of 2009, the chief executive Rick Wagoner said in an address to employees.

G.M. Suspends Dividend and Plans More Layoffs....