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GM was bound to pay $10 billion to the VEBA trust in December 2009, with the remainder being paid in increments from 2012-19. GM was not required to make contributions to its pension fund until 2013, but it could elect to if needed, since the company contributed $15.2 billion to its pension fund in 2003.
The group will pay GM $7.4 billion in cash at closing. GM will retain approximately $20 billion in automobile financing worth an estimated $4 billion over three years. GM sold its remaining 8% stake in Isuzu, which had peaked at 49% just a few years earlier, on April 11, 2006, to raise an additional $300 million.
Reuther's Treaty of Detroit was a notable achievement for the UAW that followed three rounds of negotiations since 1945. The first negotiation after the war began with a strike of 320,000 GM workers on November 21, 1945, with Reuther demanding a 30% wage increase and a pledge from GM not to raise car prices. The strike lasted 113 days and was ...
This means production workers at Ultium Cells will see an immediate pay increase of $6 to $8 an hour upon ratification and all hourly and salaried employees, including those at GM's parts ...
In those tentative agreements, the UAW said all union-represented salaried employees will get the same 25% wage increase across the 4.5-year contract and the same $5,000 ratification bonus that ...
GM union members had until Thursday at 4 p.m. ET to vote on ratifying the tentative deal. As for the other members of the Big Three, per the UAW Ford’s ( F) union workers have thus far approved ...
GM Defense is the military product subsidiary of General Motors, headquartered in Concord, North Carolina. It focuses on defense industry needs with hydrogen fuel cell and other advanced mobility technologies. [2] GM Defense projects include SURUS (Silent Utility Rover Universal Superstructure), an autonomous modular platform joint project with ...
About 26,000 white-collar workers at General Motors will see performance bonuses of 4% to 16% of their base salaries, the company said late Thursday, but a small group could see payments that are ...