General Motors Strikes Labor Deal that Will Create 6,400 Jobs
General Motors Strikes Labor Deal that Will Create
6,400 Jobs
General Motors announced late Tuesday that it is reopening a closed plant in Spring Hill, Tennessee, scheduling a new shift at a plant in Wentzville, Missouri, and investing $2.5 billion in a number of American plants as part of a new labor agreement with the United Auto Workers Union. The company said the moves would create or save at least 6,400 jobs in the US.
Furthermore, GM has also made product commitments for work to be done at five of its plants, keeping the work here instead of moving it to other nations. “The basics of what we went into this agreement looking for was jobs, jobs, jobs, and I think that's what we came out with,” noted Joe Ashton, VP of the UAW. Also included in the new labor deal is an agreement fro $5,000 signing bonuses and improved profit sharing plans for union members. A UAW spokesman said that the new agreement, if GM maintains the same level of profitability as 2010, would raise the average profit sharing chunk for workers from $4,300 to $5,000.
GM, meanwhile, said the new contract will allow it to be competitive by linking compensation to company performance and demand. The changes should benefit both sides as all three major US automakers posted profits last year for the first time since 2004. Other changes in the new labor deal include a raise in the entry-level wage for workers, from $14-$16 an hour under the old agreement to $19.12 an hour. UAW will now turn its attention to talks with Chrysler and Ford.
General Motors announced late Tuesday that it is reopening a closed plant in Spring Hill, Tennessee, scheduling a new shift at a plant in Wentzville, Missouri, and investing $2.5 billion in a number of American plants as part of a new labor agreement with the United Auto Workers Union. The company said the moves would create or save at least 6,400 jobs in the US.
Furthermore, GM has also made product commitments for work to be done at five of its plants, keeping the work here instead of moving it to other nations. “The basics of what we went into this agreement looking for was jobs, jobs, jobs, and I think that's what we came out with,” noted Joe Ashton, VP of the UAW. Also included in the new labor deal is an agreement fro $5,000 signing bonuses and improved profit sharing plans for union members. A UAW spokesman said that the new agreement, if GM maintains the same level of profitability as 2010, would raise the average profit sharing chunk for workers from $4,300 to $5,000.
GM, meanwhile, said the new contract will allow it to be competitive by linking compensation to company performance and demand. The changes should benefit both sides as all three major US automakers posted profits last year for the first time since 2004. Other changes in the new labor deal include a raise in the entry-level wage for workers, from $14-$16 an hour under the old agreement to $19.12 an hour. UAW will now turn its attention to talks with Chrysler and Ford.
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