First GM plant ratifies UAW contract
The new deal negotiated between GM and the UAW following the controversial strikes last week will see the establishment of a new health care trust that will hand over close to $50 billion worth of GM retiree health care liabilities to the unions. The contract also guarantees future vehicle assembly at most of GM's plants as well as the introduction of a two-tier wage system differentiating new staff and veterans.
The UAW has set an October 10th deadline for the rest of the members to hold their votes.
[Source: Automotive News - Sub. Req.]
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