Archive
UAW Says It Has Tentative Contract With GM
By Staff Report
May. 21, 2009
The United Auto Workers said that it has reached a tentative new contract with General Motors and the U.S. Treasury aimed at helping the automaker restructure.
The terms include modifications to a UAW-administered retiree health trust known as a voluntary employee beneficiary association, the union said in a statement Thursday, May 21.
Terms were not released, pending a ratification vote by rank-and-file union members at GM.
The UAW agreed to the concessions as GM faces a June 1 deadline to prove its viability to the federal government or face Chapter 11 bankruptcy protection. Along with the labor concessions, GM and the U.S. Treasury also are asking GM bondholders to forgive about 90 percent of that unsecured debt.
Treasury has kept GM operating with about $15.4 billion in bailout loans.
Filed by David Barkholz of Automotive News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com
Workforce Management’s online news feed is now available via Twitter
About Workforce.com
We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.
Related Articles
Employee Engagement
12 practical employee appreciation ideas for better engagement and retentionSummary Showing appreciation to your employees improves engagement and retention. There are 12 practica...
employee appreciation, engagement, HR, raccoons
Compliance
California fast food workers bill: why it’s more than meets the eye and how to prepareSummary: California signs bill establishing a “fast food council” that has the power to raise the indus...
Employee Engagement
7 statistics on employee turnover in 2022 every HR manager should be aware ofSummary July 2022 saw 5.9 million total separations – More Replacing a full-time employee can cost up t...
employee retention, employee turnover