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Last updated 7:25AM ET
March 6, 2021
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UAW Caterpillar
(wgvu) - Retired Caterpillar workers say they can't
help but view a labor deal hammered out between General Motors and
the UAW with skepticism.
That's because a key element of yesterday's tentative agreement,
the Volunteer Employee Beneficiary Association, failed them.
The program is a trust established by a company and union to pay
for or defray health insurance costs for retirees.
A contract reached between Caterpillar and the UAW in 1998
included such a trust, which was funded by the union. The trust was
depleted in just six years.
As a consequence, around 20,000 Caterpillar retirees now foot
the bill for much of their medical costs.
Neither the UAW nor GM gave details of the VEBA.
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