General Motors Chief Executive Fritz Henderson will get a rise in his compensation package to $5.45 million under new rules advocated by the U.S. pay czar, Bloomberg said, citing a person familiar with the matter.

Henderson's $1.26 million cash component will be cut 25 percent to $950,000, the person told the news agency, but he will receive $4.24 million of stock and restricted stock, the Treasury said in a letter to General Motors.

The report said his 2008 compensation totaled $1.71 million, reflecting the reduced value of some stock awards.

The U.S. Treasury's pay czar has slashed 2009 pay rates by more than half for top executives at seven banks and automakers that received big taxpayer bailouts and set new guidelines on payment of bonus awards.

Most people wouldn't consider it a raise. They brought the salary down some and increased the reliance on long-term stock, GM spokeswoman Julie Gibson told the news agency.

General Motors could not be immediately reached for a comment by Reuters outside of regular U.S. business hours. (Reporting by Sakthi Prasad in Bangalore, editing by Will Waterman)