Ford’s United Auto Workers accept union contract concessions

Ford U.A.W. workers accept new contract placeing pressure on G. M. and Chrysler.

Chicago, IL (–Fifty-nine percent of production workers and 58 percent of skilled-trades workers voted in favor of accepting concessions to their 2007 contracts according to the United Auto Workers (U.A.W) on Monday. As reported by Reuters, the new agreement between the U.A.W. and Ford Motor Company is one of several actions the big three automaker has taken to avoid accepting emergency loan money from the U.S. government.

The U.S. auto industry is hanging on the brink of collapse and Detroit’s General Motors and Chrysler are 80 percent controlled by Cerberus Capital Management and both have taken large American tax dollar emergency loans. Auto workers with Ford agreed to take the hit in hourly wages, and a new funding agreement for a retiree health care trust to cut costs and maintain liquidity. Obama administration task force officials toured GM and Chrysler on Monday. The remaining two big three auto makers have until the end of March to show they are salvageable. news for Chicago employment law attorneys.

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