I'm still surprised this agreement was approved with so little opposition...it really is a good deal for GM. A reflection of the times and the new realities being imposed on the business.
UAW Rank and File Approve New Agreement
GM workers approve slimmest gains in 40 years
"General Motors estimates its new agreement with the UAW will increase its labor costs by the slimmest amount of any contract in the past four decades, Chief Financial Officer Dan Ammann told analysts today.
Under the contract, GM’s hourly labor costs will grow by 1% annually, compared with 7% under the 1999 contract and 4% under the 2003 agreement.
GM’s labor costs fell 4% annually under the 2007 agreement, which instituted the lower, second-tier wage. They slid 8% under the 2009 bankruptcy-era modifications to that contract, which eliminated the notorious “jobs bank” program. But the automaker’s goal this year was to let workers reap rewards from its newfound profitability, while keeping its costs low."
UAW Rank and File Approve New Agreement
GM workers approve slimmest gains in 40 years
"General Motors estimates its new agreement with the UAW will increase its labor costs by the slimmest amount of any contract in the past four decades, Chief Financial Officer Dan Ammann told analysts today.
Under the contract, GM’s hourly labor costs will grow by 1% annually, compared with 7% under the 1999 contract and 4% under the 2003 agreement.
GM’s labor costs fell 4% annually under the 2007 agreement, which instituted the lower, second-tier wage. They slid 8% under the 2009 bankruptcy-era modifications to that contract, which eliminated the notorious “jobs bank” program. But the automaker’s goal this year was to let workers reap rewards from its newfound profitability, while keeping its costs low."
