The UAW agreement with General Motors has key provision regarding health care. It sets up a health care trust that would get G.M.’s massive liability off its books.
According to the NY Times: G.M.’s key demand was the trust, called a voluntary employee benefit association, or VEBA. The VEBA, which would include the union’s participation, would be the first among the Detroit companies to take full responsibility for coverage for active and retired workers and their families. G.M. estimates that liability at $55 billion.
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