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GM TO SAVE $1.1 BLN IN LABOR COST UNDER UAW PACT

General Motors Corp. says it expects to save $1.1 billion a year in labor costs in 2009 and 2010. GM submitted a progress report to the Treasury Department Tuesday as part of the requirements for the $13.4 billion in aid it has already received.
The Detroit automaker says a tentative agreement reached with the United Auto Workers union in February would save money by modifying wages, benefits and work rules, as it tries to be more competitive with foreign automakers’ facilities in the U.S. continue reading

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