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GM Details Effect of UAW Contract

DETROIT -- A new four-year contract between General Motors and the United Auto Workers will transfer an estimated $46.7 billion worth of retiree health care liability from the company to the union, the company said Monday, according to the Associated Press.

That leaves GM with about $17.6 billion in retiree health care for salaried employees and other obligations, the company said. It was the first time GM has detailed its savings from the agreement.

"The 2007 national negotiations were in many ways the most complex and comprehensive that we've been engaged in," Rick Wagoner, GM chief executive and chairman, said during a conference call to explain the labor deal.

Posted by Peter C. T. Elsworth  at 11:15 AM to GM , Unions | Permalink

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