The UAW has approved the much-ballyhooed plan that would result in a $1B savings in health-care costs at GM, with 61% of its members voting in favor. Long-term, the plan is also supposed to cut $15B in retiree costs. Active workers will see $1/hour in future raise go into a health-care savings account, prescription co-pays will increase, and retirees will have to now play a bit over $750/year for their benefits. Those looking for GM's salvation will need to keep searching, as this won't save the company by itself. However, the yearly savings do represent about 15% of GM's expected total losses this year, so it's not exactly chump change, either.
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