Deal Details

Thursday, September 27, 2007

What GM gets:

The establishment of a voluntary employees' beneficiary association (VEBA) for retiree health-care benefits, allowing GM to move $50 billion in future obligations off its books.

New pay scales that include lower wages and benefits for new employees and workers in non-manufacturing positions.

No base wage increases or cost-of-living adjustments for workers.

What the UAW gets:

Control of the VEBA, which is expected to fully fund retiree health-care costs for 80 years. GM will fund the trust with an initial deposit of $35 billion.

Larger monthly pension payments for retirees.

A $3,000 signing bonus for each member.

Stronger GM commitment to keep future vehicle projects in U.S. factories.

© 2007 The Washington Post Company