Could General Motors Be Cutting its Workers' Safety Net?

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At the North American International Auto Show Sunday, General Motors' CEO Rick Wagoner made it clear his company has more cost cutting to do before negotiating a new contract with the United Auto Workers.

Reports say GM's Jobs Bank, which pays laid off workers, could be on the chopping block. The jobs bank allows workers to collect 40 hours worth of pay per week. Employees enrolled either work in the community or sit in an employee center until more jobs become available.

GM spends an estimated $700-800 million annually on roughly 5,000-6,000 jobs banks employees.

U.A.W. Local 602 President Art Luna says he hopes GM looks in its own backyard before requesting any more concessions from the workers.

A spokesperson for GM say it's took early to talk about the possibility of cutting the jobs bank saying it's premature to focus in on any one element of the contract.