(WXYZ) - UAW President Ron Gettelfinger held a news conference to provide details on concessions that members have agreed to take to help GM cut labor costs.
WATCH THE ENTIRE UAW NEWS CONFERENCE IN THE VIDEO PLAYER ON THE RIGHTMembers voted to ratify the the new contract, with 74 percent of its production and skilled trades members in agreement on the plan.
Gettelfinger says the concessions are needed as a "matter of salvation."
The United Auto Workers president also told reporters that the agreement was needed to ensure that the UAW was lined up before an expected bankruptcy filing by GM on Monday.
Under the revised contract, wages would be frozen, there will be no bonuses, noncompetitive work rules will be eliminated and the UAW would not issue a strike. The contract would expire in 2015.
The concessions would save General Motors more than a billion dollars a year.
During the news conference, Gettelfinger thanked members and retirees for their patience and support.
"This was difficult for everyone involved in this process" Gettelfinger said. "We are satisfied that we have done the right thing here to give us a lifeline at GM to move forward into the future until this company can rebound."
If and when GM files for bankruptcy, a union-run retiree health care trust would gain 17.5 percent ownership of a new General Motors.
