Union okays closing Chrysler Jobs Bank

The United Auto Workers union will allow Chrysler to end its Jobs Bank program on Monday. The Jobs Bank, the source of much criticism from Congress during the loan hearings, allowed some laid-off workers to remain on the payroll at 100 percent of their base pay. In return, the workers were supposed to be available for other assignments or community service work. Under the new rules, laid-off workers will be eligible only for regular state unemployment benefits and supplemental pay.

Termination of the Jobs Bank program was one of the conditions of the $4 billion loan Chrysler received from the federal government. The UAW agreed to ending the program last month.