United Auto Workers Union Approves Deal With GM to Cut Labor Costs

MSNBC: UAW leaders agreed to the revised contract last week that freezes wages, ends bonuses, eliminates noncompetitive work rules and ends the possibility of a strike until the next contract expires in 2015.



It also gives a union-run retiree health care trust 17.5 percent ownership of a post-bankruptcy protection GM, with a warrant to buy another 2.5 percent. The trust will take on the company’s retiree health care costs starting next year. The stock will come in exchange for part of the company’s $20 billion obligation to the trust.