Deal Details
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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.
