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Discussion Starter · #1 ·
I want to take this time to sincerely wish GM and the UAW much continued success as "business partners" in this new agreement. I must admit that I have been a little more sensitive and maybe more critical of the UAW than I should have been due to my "personal investment". After following all the reports, postings and news articles of this episode and the new contract I have a better appreciation for what the UAW workforce goes through and what both sides have given in these contracts. I still strongly believe in the ability and drive of GM and the UAW workforce to turn this thing around and once again be the world's #1 automaker for many more years to come.

I sincerely send my best wishes to all of the team that build our Enclaves and I hope that this new contract agreement meets your needs and that you can feel proud of your work for years to come. I am renewed and extremely excited to get our Enclave so I can PROUDLY drive it around and show others what GM and the UAW can build.....a WORLD CLASS vehicle that is second to none! Here's to you UAW and GM! :cheers: :cheers:
 

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Yes, very good news. :cheers:
 

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My unions contracts with the hotels in Las Vegas expired the end of May and we have yet to come to an agreement. If there are any prayers and well wishes left for a satisfactory end to our dispute we sure could use them :help:
 

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Discussion Starter · #5 ·
You've got it.....here's hoping that things work out for you vegashomes.....prayer never hurts and you've got one here!
 

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I do not mean to burst everyones' bubble, but...this contract still has to be voted on by 74,000 workers. I wish I had a crystal ball, but it's in the shop! :confused: Keep your fingers and toes crossed. If it doesn't work out, two things will happen, I think it will be short again, and I will go into hiding until the :angryfire: calms. :angel:
 

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Vikchic said:
I do not mean to burst everyones' bubble, but...this contract still has to be voted on by 74,000 workers. I wish I had a crystal ball, but it's in the shop! :confused: Keep your fingers and toes crossed. If it doesn't work out, two things will happen, I think it will be short again, and I will go into hiding until the :angryfire: calms. :angel:
Vikchic,
As a fellow Michigander, you know the mood of the workers in this state and in the U.S. auto industry. We all see the cost advantage the Japanese and Korean car companies have over the Big 3, and for that reason I will go out on a limb and predict an overwhelming approval by the UAW workers. They know that, in order to keep their good jobs, GM Ford & Chrysler have to be competitive.
 

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I am pretty confident it will pass, :cheers: I just felt the need to remind everyone though, that it's not a done deal until the vote.
 

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I have confidence in the common sense and integrity of the UAW.
I trust all will go well. :cheers:
 

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Union leaders voted today and unanimously recommended approval of the new contract to the rank & file members -- good news for everyone -- this from Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601087&sid=awXPJf0FT8xU&refer=home

GM Contract Wins Union Leaders' Approval; Vote Next (Update6)

By John Lippert and Bill Koenig

Sept. 28 (Bloomberg) -- General Motors Corp.'s new contract with the United Auto Workers was unanimously approved by a panel of union officers, clearing the way for a vote by rank-and-file members within 12 days.

Under the historic, four-year agreement, GM will put $29.9 billion into a retiree-health trust fund that takes effect in January 2010, according a union summary. GM will continue to pay retiree health-care costs at the current rate, estimated to total $5.4 billion, until the fund takes over, the UAW said.

The deal, highlighted by the retiree fund, includes other provisions that GM Chief Executive Officer Rick Wagoner's said he required to close a $25- to $30-an-hour labor gap with Toyota Motor Corp. UAW President Ron Gettelfinger gets job guarantees and pay improvements sought by his workers in exchange for concessions.

``The UAW took care of their membership; GM took care of their shareholders,'' said Richard Block, a labor professor at Michigan State University in East Lansing. ``The people who will be voting on this will be pretty happy.''

About 175 officials from UAW locals voted on the accord today at a meeting of the union's National Bargaining Council in Detroit. The vote in favor was unanimous, Gettelfinger said at a news conference. He said he expects the union's 73,000 GM members to approve the deal as well. GM spokeswoman Katie McBride declined to comment.

$13,056, Four Years

The union said the average worker will gain $13,056 over the life of the agreement, based on a 2,080-hour year and 10 percent overtime. That includes a $3,000 bonus in the first year followed by a 3 percent bonus in the second year, 4 percent in the third and 3 percent in the fourth. An assembly worker's hourly rate will rise to $28.85 at the end of the fourth year from $28.12.

GM, the largest U.S. automaker, and the union reached the agreement on Sept. 26, following a two-day strike. If ratified in votes scheduled through Oct. 10, the accord would replace a four- year contract that expired Sept. 14. GM sought to create the retiree-health trust to take about $50 billion of future obligations off its books.

GM rose 24 cents to $36.70 at 4:05 p.m. in New York Stock Exchange composite trading.

`Backstop'

GM will provide a ``backstop'' of as much as $1.6 billion as part of the $29.9 billion contribution to the health-care fund, the summary said. The backstop may be doled out in individual payments of $165 million annually for as many as 20 years. The payments will be required at any time the fund trustees determine there are insufficient assets to cover the next 25 years of health-care costs, according to the summary.

GM will pay $24.1 billion into the fund on Jan. 1, 2008, and contribute a bond convertible to shares of $4.3725 billion, as well as the annual cash interest for the note. Retirees will receive an additional $66.70 a month from their pension, offset by a $51.67 payment to the fund.

Unlike pensions, retiree health care isn't insured by the U.S. government and companies aren't required to fund it at any particular level. As of June 30, GM had set aside $18.9 billion toward hourly and salaried employee retiree medical expenses, including $3.6 billion available for immediate use.

The agreement also calls for GM to ``in-source'' 3,000 jobs now being performed by outside suppliers, the summary said. The automaker agreed to hire 3,000 employees now considered temporary.

Wage Scale

GM gained a wage scale that pays new workers less than current factory employees and includes a 401(k)-style retirement plan instead of a fixed pension. The new workers will be hired for jobs such as material movement, maintenance and other jobs. The new workers will start at $14 to $14.61 an hour under the new agreement.

The UAW agreed to divert 10 cents per quarter per worker of pay increases triggered by inflation to defray health-care costs. In return, the union promised active workers that they won't have to boost co-pays for their prescription drugs.

GM agreed with the UAW to continue building current products at 16 U.S. assembly plants. For instance, the company's Lordstown, Ohio, assembly plant will continue building small cars, including an entirely new set of redesigned models starting in 2011.

``Existing active members didn't give up anything they already had,'' said Kristin Dziczek, an analyst at the Center for Automotive Research in Ann Arbor, Michigan. ``Their base wage didn't change. They still have their health care. They've got product guarantees.''

The automaker pressed the UAW for concessions after $12.4 billion in losses for 2005 and 2006.

U.S. automakers Ford Motor Co. and Chrysler LLC have been operating under an extension of the old contract as the union negotiated with GM. Gettelfinger said he will meet with union executives over the next two days to discuss which automaker will be the target of the next round of talks.

To contact the reporters on this story: John Lippert in Detroit at [email protected] ; Bill Koenig in Southfield, Michigan, at [email protected]
Last Updated: September 28, 2007 16:57 EDT
 

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Thank you for posting the details.
 

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Discussion Starter · #13 ·
I really think (hope) that we are witnessing the "re-birth" of the American automobile industry. :thumb: And, just think, we are all doing OUR part by buying an Enclave!
 
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