1) Paraphrase:
He proposed that the "jobs bank" program should be eliminated. This unemployment-insurance scheme is part of the contract between the UAW and the auto manufacturers. The program pays workers about a fifth of their normal wages and extra benefits for several years after they have been laid off.
2) Pay = wages or salary? YES.
By the way: wages are the pay per hour or day worked; salary is the monthly or yearly income. Blue-collar workers are usually paid in wages, and the amount of extra time they must work is heavily regulated; white-collar workers receive a salary, and are often expected to work as much overtime as necessary.
3) Benefits = unemployment benefits?
Here, NO. These benefits are extras such as medical or dental insurance for the workers and their families, year-end bonuses (?), etc.

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