Sept. 28, 2007
United Auto Workers local leaders have approved the union's historic contract with General Motors, and the UAW's 74,000 members are expected to vote on the contract next week. Under details of the pact released today, GM will fund a new health-care trust for retiree liabilities with $29.9 billion up front and $5.4 billion down the road. Also, GM has made binding product investment commitments to the UAW at 16 union-represented plants in the U.S., including sites that were believed to be endangered. GM will offer $3,000 signing bonuses to workers and lump-sum payments in coming years.
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