AGL 39.19 Increased By ▲ 0.65 (1.69%)
AIRLINK 129.40 Decreased By ▼ -0.10 (-0.08%)
BOP 5.80 Increased By ▲ 0.19 (3.39%)
CNERGY 3.89 Increased By ▲ 0.03 (0.78%)
DCL 8.83 Increased By ▲ 0.10 (1.15%)
DFML 41.29 Decreased By ▼ -0.47 (-1.13%)
DGKC 89.80 Increased By ▲ 1.50 (1.7%)
FCCL 35.37 Increased By ▲ 0.37 (1.06%)
FFBL 66.80 Decreased By ▼ -0.55 (-0.82%)
FFL 10.86 Increased By ▲ 0.25 (2.36%)
HUBC 108.70 Decreased By ▼ -0.06 (-0.06%)
HUMNL 14.91 Increased By ▲ 0.25 (1.71%)
KEL 4.77 Increased By ▲ 0.02 (0.42%)
KOSM 7.08 Increased By ▲ 0.13 (1.87%)
MLCF 43.32 Increased By ▲ 1.67 (4.01%)
NBP 59.49 Decreased By ▼ -0.11 (-0.18%)
OGDC 179.49 Decreased By ▼ -3.51 (-1.92%)
PAEL 26.20 Decreased By ▼ -0.05 (-0.19%)
PIBTL 5.99 Increased By ▲ 0.02 (0.34%)
PPL 147.20 Increased By ▲ 0.50 (0.34%)
PRL 23.66 Increased By ▲ 0.05 (0.21%)
PTC 16.86 Increased By ▲ 0.30 (1.81%)
SEARL 70.10 Increased By ▲ 1.80 (2.64%)
TELE 7.29 Increased By ▲ 0.06 (0.83%)
TOMCL 35.97 Increased By ▲ 0.02 (0.06%)
TPLP 8.11 Increased By ▲ 0.26 (3.31%)
TREET 14.50 Increased By ▲ 0.30 (2.11%)
TRG 50.85 Increased By ▲ 0.40 (0.79%)
UNITY 27.10 Increased By ▲ 0.35 (1.31%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,854 Increased By 48.1 (0.49%)
BR30 29,728 Increased By 50.1 (0.17%)
KSE100 92,821 Increased By 517.1 (0.56%)
KSE30 28,949 Increased By 108.6 (0.38%)

General Motors Corp will pay $1.6 billion into a health-care trust for retirees and offer buyouts of up to $140,000 to union-represented factory workers in exchange for an agreement to close an SUV plant in Ohio by the end of the year. The creation of a voluntary employee beneficiary association - or VEBA - was the most striking component of the tentative agreement between GM and the IUE-CWA union.
GM agreed to pay $1.6 billion into a fund for IUE-CWA retirees over the next few years in a deal patterned after the automaker's agreement with the United Auto Workers last year, the union said.
GM confirmed it had reached a tentative agreement with the IUE-CWA union over terms for closing its Moraine, Ohio plant where it builds the Chevy TrailBlazer and GMC Envoy. GM spokesman Tony Sapienza said the automaker would not comment on the details of its offer to the roughly 1,500 union-represented workers until after a ratification vote scheduled for next week.

Copyright Reuters, 2008

Comments

Comments are closed.