UAW agrees to help automakers
Posted: Thu Feb 09, 2012 9:25 amUAW agrees to help automakers
« Thread Started on Dec 3, 2008, 8:38pm »
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UAW agrees to help automakers
Posted: 01:44 PM ET
By Chris Isidore
CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — The United Auto Workers agreed to work with
the embattled U.S. automakers about changes in their labor contract — an
important step for the industry’s chance to win up to $34 billion in federal
loans.
The announcement was made Wednesday by UAW President Ron Gettelfinger at
a news conference after meeting with union officials from plants operated by
General Motors, Ford Motor and Chrysler LLC.
GM has warned it will run out of the money it needs to operate later this
month unless it gets assistance from the government. GM said it needs $4
billion before the end of the year. Chrysler said it will run out of cash in
the first quarter of next year without help.
The companies all presented plans to Congress Tuesday for how they would
use federal loans to return to profitability. The Big Three CEOs and
Gettelfinger are due to appear at Senate and House hearings Thursday and Friday
seeking support for the loan package.
Gettelfinger said the union will suspend the “jobs bank” at GM. That is a
jobs guarantee program that pays laid off auto workers up to 95 percent of
their regular pay. He said the union is also open to suspending the jobs bank
at Ford and Chrysler. But he said this and other help from the union is not
enough to save the automakers from their current crisis.
“To be honest with you, right now if the UAW members went in these
facilities and worked for nothing … it would not help the companies that
much,” he said.
« Thread Started on Dec 3, 2008, 8:38pm »
--------------------------------------------------------------------------------
UAW agrees to help automakers
Posted: 01:44 PM ET
By Chris Isidore
CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — The United Auto Workers agreed to work with
the embattled U.S. automakers about changes in their labor contract — an
important step for the industry’s chance to win up to $34 billion in federal
loans.
The announcement was made Wednesday by UAW President Ron Gettelfinger at
a news conference after meeting with union officials from plants operated by
General Motors, Ford Motor and Chrysler LLC.
GM has warned it will run out of the money it needs to operate later this
month unless it gets assistance from the government. GM said it needs $4
billion before the end of the year. Chrysler said it will run out of cash in
the first quarter of next year without help.
The companies all presented plans to Congress Tuesday for how they would
use federal loans to return to profitability. The Big Three CEOs and
Gettelfinger are due to appear at Senate and House hearings Thursday and Friday
seeking support for the loan package.
Gettelfinger said the union will suspend the “jobs bank” at GM. That is a
jobs guarantee program that pays laid off auto workers up to 95 percent of
their regular pay. He said the union is also open to suspending the jobs bank
at Ford and Chrysler. But he said this and other help from the union is not
enough to save the automakers from their current crisis.
“To be honest with you, right now if the UAW members went in these
facilities and worked for nothing … it would not help the companies that
much,” he said.