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Changes - USA - UAW Agrees to Healthcare Cuts
USA -The Car Connection -23 Oct 2005: -- The United Auto Workers has agreed to contract changes to help bail out General Motors Corp.'s ailing North American operations. The proposed concessions require GM's active workers to defer $1 per hour of wage increases planned through 2006 to help finance the cost of healthcare benefits... In addition, retirees with GM pensions also will pay more for healthcare through a combination of new monthly premium payments and increases in co-payments and deductibles... Many, but not all, of GM's blue-collar retirees now pay nothing for healthcare except for some co-payments on prescription drugs and additional deductible for retirees who have stuck with traditional plans. In addition, both active and retired workers will have to make a larger co-payment for so-called lifestyle drugs such as Viagra... Richard Wagoner, GM chief executive officer, said that the new healthcare plan will save the company $3 billion annually on a pre-tax basis and reduce the automaker's outstanding liability for post-retirement healthcare for employees by 25 percent or $15 billion over the next seven years...
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