UAW Reaches Deal With GM

    FLINT, MI - JULY 18:  Workers assemble General Motors trucks at the GM Flint Assembly Plant July 18, 2011 in Flint, Michigan. GM announced they will be investing $328 million in the plant to support the production of the next-generation full-size pickups, a move that will create or retain 150 jobs.  (Photo by Bill Pugliano/Getty Images)

    Bill Pugliano / Getty Images

    The United Automobile Workers and General Motors reached a tentative agreement late Friday, marking the first labor pact since GM and Chrysler took bailouts and went bankrupt in 2009. The deal will give GM's 48,500 union workers job security and a share in the company's recovery. The union said the agreement includes profit sharing, and that it had successfully fought GM's proposal to weaken retirement and health benefits. GM said the deal would cover four years. GM workers received profit-sharing checks averaging $4,400 this year thanks to the $4.7 billion the company earned in 2010.

    Read it at The New York Times