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GM to End Participation in UAW Jobs Bank

The United Auto Workers will suspend its jobs bank program at General Motors next Monday, CNBC confirmed.

The plan, which pays union members even when there is no work, was one of the conditions for federal assistance to the automaker.

The suspension of the jobs bank program will impact about 1,600 GM employees.

GM, along with Ford and Chrysler, have been struggling to reduce legacy labor costs in the face of declining consumer demand.

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