General Motors Corp. plans to end Monday its controversial jobs bank program, which paid UAW workers who were not working, the company said Wednesday.
Chrysler ended its jobs bank program earlier this week. The moves come as GM and Chrysler are racing to get concessions from labor and other stakeholders as required under the terms of the $17.4-billion federal loans granted to the two companies.
The 1,600 UAW workers in GM's jobs bank will be placed on layoff and must apply for unemployment benefits.
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