Vice Chairman of General Motors Co., Bob Lutz on Friday said that GM's top 25 executives are a sorely underpaid lot.

 Lutz was talking to The Detroit News in Orlando in Florida, where industry leaders are gathering for the annual National Automobile Dealers Association convention.

Lutz further added, "Given the rigors of the job and demands and the accountability, I would say we are being paid way, way, way below market."

The Treasury Department through the office of Ken Feinberg has set pay levels for a few companies that remain beholden to the government due to massive federal bailouts.

 61 percent of GM was bought by government last year with $50 billion in assistance as the company went through bankruptcy.

In October, Feinberg limited pay at GM for most of the top 25 executives to less than $500,000 per year. Salaries for most were cut 31 percent, with total compensation cut 20 percent, the News reported.