United Auto Workers Union agrees to suspend the Jobs Bank

[TerryMason]

Article thanks to Automotive News

While Ford, General Motors and Chrysler all submitted plans to Congress yesterday that detail how much sacrifice they're willing to make in order to secure government loans, the United Auto Workers union waited until today to announce how it plans to contribute. UAW President Ron Gettelfinger met with leaders of his local Detroit 3 unions today and emerged with a plan to suspend the controversial Jobs Bank program that allows laid off workers to receive up to 95% of their standard pay. Gettelfinger also said that Detroit automakers could postpone making payments into the Voluntary Employee Beneficiary Association, a union-run fund that was scheduled to assume responsibility for retiree healthcare after automaker contributions in the tens of billions were made.

Gettelfinger will once again take a seat next to GM CEO Rick Wagoner, Ford CEO Alan Mulally and Chrysler CEO Bob Nardelli in front of Congress tomorrow. After their admittedly weak showing on Capitol Hill last month, the CEOs and Gettelfinger now have detailed plans to offer Congress on how they would use government loans to ensure their long term viability.

Oh, and while each of the Detroit 3 CEOs will be driving down to DC after being lambasted by Congress for their previous travel aboard separate private jets, Gettelfinger, who never had a private jet, will still be using a commercial airline to reach his date with destiny.

 

[jps4jeep]

[rant]Too Bad so sad... this "bail out" is a joke and any tax payer that has or does own their own business should be outraged.

these company's can't operate in a competitive market, produce a profitable item, stay in the red, then go into bankrupcy just like any other company... I mean they can't even offer a colateral to the federal bail out loan... what a joke. [rant/]

fact, $1640 of every car GM sells goes into this job bank... Not sure if it ****es me off... or if i want a job there

 

[malton]

sales might not be so dismal if any of these companies built cars worth buying...

 

[wrangler_x03]

I dont feel bad for these lazy people that work for the UAW at all.
I work at one of the chrysler plants as a security gaurd and last week one of the guys in the "job Bank" was asked to work for the day and he was given prolly the easiest job ever and he refused becouse its not his job. He was asked to sort some wires in a box. they tried to fire him but the great UAW rep. talked to the manager and said he's not an electrician and doesnt have to sort the wires. He might get electrcuted. THE D@^^ WIRES WERE NOT LIVE. to end a long story the guy kept his job and went back to his picnic table and took his nap.



so in my oppinion get rid of the "job bank" and put people in there that want to work and actually make some money!:evil::evil::evil::evil::bomb:

 

[SteelHeadz]

I Agree with you Jeff.

 

[David]

The job bank isn't even the worst problem the UAW has caused the American auto industry. The greatest problem is the level of benefits the car manufacturers have to pay. Here in the South, our auto industry (American divisions of foreign manufacturers) is doing just fine. That's because the laborers haven't squeezed the life blood out of the companies. They don't make six figure salaries, but they do just fine. Now, this region, which traditionally hasn't received the benefit of big salaries and gold-plated benefit plans, is being asked to share in a debt burden (i.e., future taxes) in order to keep UAW employees in the style to which they've become accostomed. I don't see the logic or fairness in that. For years, this region (the South) has been made fun of because of its lack of progress. Now that we see that other regions' "progress" was the result of bad financial gambles, why should we pull their chestnuts out of the fire to our own detriment?