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UAW makes tentative deal with GM, Treasury

Posted Thursday, May 21, 2009, 2:06 pm in Employee News

The United Auto Workers this morning reached a tentative deal with the U.S. Treasury Department and General Motors Corp. on modifying a 2007 labor agreement and restructuring payments into a union-run health care trust, The Detroit News reported.

No details were available pending ratification by UAW local members, the union said today. Local UAW meetings are being scheduled, the News said.

The announcement comes after three days of meetings among the UAW, GM and the Treasury Department in Washington, D.C., aimed at reaching a comprehensive labor savings agreement ahead of a June 1 government deadline, the paper said. One major requirement is for GM and the UAW to finalize a deal to swap, for stock, at least half of the more than $20 billion the UAW is owed for a trust fund that takes over retiree health care benefits next year, the story said. (The Detroit News)
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