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Ford UAW workers OK cuts in benefits

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posted on Mar, 10 2009 @ 07:02 AM
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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.




posted on Mar, 10 2009 @ 07:14 AM
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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.



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