Detroit 3 in discussions with UAW on how to share benefits of "amazing turnaround"?

Filed under: Chrysler, Ford, GM, Earnings/Financials, UAW/Unions

It's no secret that some members of the United Auto Workers aren't thrilled about the concessions that the union made during bankruptcy negotiations with both General Motors and Chrysler. Now that both of those automakers are back on their feet, the UAW wants a slice of their new-found prosperity. According to Bloomberg, UAW President Bob King believes that his members' sacrifices helped keep GM and Chrysler afloat, and now they deserve to share in the fruits of those concessions. King said that UAW members each gave up between $7,000 and $30,000 each as part of negotiations since 2005, and the union gave up wage increases for cost of living, surrendered raises and ditched bonuses to keep the Big Three afloat during the darker days of 2009.

The UAW is expected to negotiate new contracts with Ford, GM and Chrysler early this year before they expire in September, and all three automakers are being tight-lipped about how additional compensation could factor into those negotiations. King has also been jockeying for positions on the executive boards of the domestic automakers in an attempt to better represent the union's needs.

[Source: Bloomberg | Image: Bill Pugliano/Getty Images]

Detroit 3 in discussions with UAW on how to share benefits of "amazing turnaround"? originally appeared on Autoblog on Wed, 05 Jan 2011 15:30:00 EST. Please see our terms for use of feeds.

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