Monday, April 27, 2009

Breaking NEWS: Tentative Chrysler Labor Pact with UAW

Just in time for the Monday morning news, Chrysler announced a tentative give-back deal with the UAW. Terms have not been detailed, but apparently the cash contribution Chrysler owes for retirees will roughly be cut in half, with the employees receiving an equity stake in the new company. The plan presumes that Chrysler will file Chapter 11 bankruptcy.

The deal with the UAW also includes some undisclosed cuts to benefits, but the particular benefits have not been disclosed. The deal with the Canadian Auto Workers included elimination of tuition assistance, car discounts and (at least a cutback in) the legal services benefit. L

1 comment:

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