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Discussion Starter #1
UAW reaches tentative agreement with GM

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Wire Services Are reporting that the UAW and GM have cliched a deal. We will bring you more news as we receive it

UPDATE

DETROIT — The United Auto Workers said early Wednesday it has reached a tentative contract agreement with General Motors Corp. that could end a two-day nationwide strike.
The union said the deal was reached shortly after 3 a.m. A person briefed on the contract told The Associated Press earlier that the agreement would shift the burden of retiree health care from GM to the union and give workers bonuses and lump-sum payments. The person requested anonymity because the contract talks are private.

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Update from Reuters

DETROIT (Reuters) - The United Auto Workers union said on Wednesday it had reached a tentative deal in contract talks with General Motors Corp and recessed a nationwide strike by 73,000 workers that began on Monday.
UAW President Ron Gettelfinger said at a news conference at the union's Detroit headquarters that production at GM facilities would resume on Wednesday and ratification of the agreement by GM workers would begin this week.
"We feel very confident it will be ratified," Gettelfinger said of the tentative GM agreement.
 

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The union said the deal was reached shortly after 3 a.m. A person briefed on the contract told The Associated Press earlier that the agreement would shift the burden of retiree health care from GM to the union and give workers bonuses and lump-sum payments. The person requested anonymity because the contract talks are private.
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Freep.com
UAW, GM TENTATIVE DEAL ENDS 2-DAY NATIONAL STRIKE

Pact includes VEBA, signing bonus, two-tier wage plan

September 26, 2007
By KATIE MERX, TIM HIGGINS, SARAH A. WEBSTER and JOE GUY COLLIER
FREE PRESS BUSINESS WRITERS
The UAW and General Motors Corp. this morning reached a tentative agreement on a new, landmark contract for 74,000 autoworkers, ending the union's first nationwide strike against the automaker in 37 years.
UAW President Ron Gettelfinger announced the agreement at a 4 a.m. news conference at the union's national headquarters in Detroit. He and Vice President Cal Rapson sent an e-mail announcing the agreement to local union leaders immediately before the news conference.
This is good for Ford too.

Anyone knows the fate of Job banks? I think they need to go
 

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Haven't heard anything about the jobs bank. Following is a list of achievements by both parties which may halp to understand what concessions were given by either party.

UAW got:
  • An independent retiree health care trust that will be funded with enough money from GM to remain solvent for 80 years
  • Undisclosed job guarantees that we expect includes a promise of investment in particular U.S. plants in preparation for production of new models
  • GM will hire up to 5,000 temporary workers as full-time employees
  • Signing bonuses of an undisclosed amount for all UAW members who sign the contract
  • Wage increases of 3% in first year, 4% in second and 3% in third

GM got:
  • $50 billion in health care liability off its back after a large one-time payout into independent retiree health care trust
  • Two-tier wage structure, as those 5,000 new hires who were previously temp will be brought in at their current wage of $18/hour, rather than the $28/hour current full-timers earn
  • Undisclosed revisions in the Jobs Bank program that continues to pay laid-off employees
  • Reduction in labor cost to produce vehicles, though might not be realized right away

Source AUTOBLOG.

Ford will negotiate its own contract but this contract that the UAW negotiated with GM is a good indication of what to expect for both Ford and Chrysler.
 

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Discussion Starter #6
My Ford stocks were up yestaday. Not bad at all. Hope around the corner. The Strike was a bad bad idea, and could have backfired seriously on UAW.
They need new leadership that thinks 21st century.
 

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My Ford stocks were up yestaday. Not bad at all. Hope around the corner. The Strike was a bad bad idea, and could have backfired seriously on UAW.
They need new leadership that thinks 21st century.
The UAW did what they have to do and it worked like a charm, for them, for the auto workers, for GM and hopefully for the entire domestic auto industry.

I think that both sides performed brilliantly and both Wagoner and Gettelfinger deserve big kudos for the outcome of this episode in their long and common history.
 
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