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By Kevin Krolicki

DETROIT, Oct 17 (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) will pay $1.6 billion into a health-care trust for retirees and offer buyouts of up to $140,000 to union-represented factory workers in exchange for an agreement to close an SUV plant in Ohio by the end of the year.

The creation of a voluntary employee beneficiary association -- or VEBA -- was the most striking component of the tentative agreement between GM and the IUE-CWA union.

GM agreed to pay $1.6 billion into a fund for IUE-CWA retirees over the next few years in a deal patterned after the automaker's agreement with the United Auto Workers last year, the union said.

GM confirmed it had reached a tentative agreement with the IUE-CWA union over terms for closing its Moraine, Ohio plant where it builds the Chevy TrailBlazer and GMC Envoy.

GM spokesman Tony Sapienza said the automaker would not comment on the details of its offer to the roughly 1,500 union-represented workers until after a ratification vote scheduled for next week.

Under the deal's terms, which were posted on a union web site, GM would offer buyouts and early retirement incentives similar to terms it has offered to reduce jobs in plants represented by the UAW.

The automaker would also pay out $3,850 to each affected worker.

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http://www.reuters.com/article/comp...017?rpc=11&pageNumber=2&virtualBrandChannel=0
 

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Discussion Starter · #2 ·
Another 1.6 bln+ reasons to belong.
 

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where do they keep coming up with the money to do this?

from the banksters who control the Board and are on a mission to move offshore, eliminate unionized production, and rebuild facilities in other countries. the UAW is bought and paid for through VEBA admin fees which exceed membership dues. communities simply suffer as employees rollover and take what they can. America is weak internally and the banks are taking full advantage, doing so while they control the media, leading folks to believe the bs being spewed their way. shame on you Rick Wagoner for selling out your country you dirty rotten thief.
 
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