UAW Will Alter Contract to Help Big 3

The United Auto Workers will modify the 2007 contracts to help General Motors, Ford, and Chrysler. They will suspend the Jobs Bank program and delay the automakers payments to the retiree health care trust. The Jobs Bank program allows laid-off factory workers to receive 95 percent of their pay. In 2007, the automakers transferred retiree health care responsibilities to a union run fund. Over the next few years, the automakers will fund that fund.

Source AutoWeek