UAW Leaders Support GM Pact

General Motors (GM Quote) has agreed to contribute nearly $30 billion to finance a union-controlled health care trust fund, according to a summary of the arrangement released by the United Auto Workers.

The tentative agreement on a historic new labor contract between the automaker and the UAW received unanimous approval from the union's local leaders across the nation on Friday.

That sets up a vote on the agreement for the union's 74,000 members, expected to be held next week. While some members have expressed skepticism about the pact, which includes unprecedented concessions in labor costs for GM, it will likely be accepted. ...