UAW president Ron Gettelfinger won't discuss details with the media, but claims that there's good job security language, in addition ot the VEBA trust that's so controversial among the rank and file.
Specifics of the funding for the trust were not available, but Mr. Gettelfinger said it would “secure the benefits of our retirees” and every G.M. hourly worker now at the company. He said the fund, which would last for 80 years, “would be solvent” throughout that time.A primary concern for U.A.W. leaders, who have seen such funds at other companies run dry, forcing the union to grab concessions so that they could be replenished. Mr. Gettelfinger hinted that if this fund runs low, G.M. would make new investments in it. Asked if there was a “backstop” for it, Mr. Gettelfinger said, “I’m not going into details, but I like that word.”
But the times suggests there may also be a two tier wage system implemented which would sharply differentiate between new employees and those with seniority. Similarly the VEBA language used above says nothing about new hires, only "every G.M. hourly worker now at the company." Is the UAW being forced to mortgage its future in order to save its present?
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