Ford UAW workers OK cuts in benefits

Union workers at Ford Motor Co. have agreed to cuts in benefits to help the company weather the current economic crisis and to avoid accepting gov't bailouts:

www.freep.com...

UAW workers at Ford Motor Co. reluctantly ratified an agreement that reduces their benefits, break time and potentially weakens the fiscal soundness of a retiree health care fund in an effort to help the ailing automaker survive through the global recession.
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The UAW said today that 59% of production workers and 58% of skilled-trades workers voted in favor of the agreement during elections held at locals nationwide.
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The new agreement, which will last until 2011:

• Eliminates a holiday and suspends a Christmas bonus.

• Cuts break time and suspends cost of living increases and performance bonuses.

• Offers buyouts

• Allows Ford to partially fund a retiree trust fund — Voluntary Employee Beneficiary Association — partially with stock instead of cash.

This is in addition to other agrements that have been made by the UAW and the company.

I applaud the common sense approach of the unions. They are preserving jobs and showing co-operation in strengthening the company's future.

I just hope the company doesn't screw them over when times get better.

i hope it won't be a situation where the workers are living without a bonus and with one holiday less so that execs can have their bonus to spend on that extra two weeks in the sun.