Ford and Canadian Auto Workers Union crack a suitable deal
Ford makes peace with the Canadian Auto Workers Union. IN a recent development Ford Motors have agreed to the outline a tentative three-year contract with the Union. The Massive Economics Offer (MEO) will form the outline of this new contract, which will be applicable until mid-September 2011. This is a record-making deal and has been signed nearly 5 months before the expiry of the prevalent one.
The deal avoids changes in base wages and has in effect frozen wages and has cut vacation pay. The deal is said to affect over 8000 Canadian autoworkers. It also sets the stage for further job cuts in a clause which includes “improved restructuring benefits” and takes it a step further with its “commitment to explore and establish a pre-funded, off-balance-sheet Retiree Health Benefit Fund.” This basically shifts the onus of providing for pension plans from the company to the workers union.
The deal even defies the two-tier wage system wherein new hires earned precious little as compared to older employees. Now new hires will start work at 70 percent of the top wage. The basic deal covers wages, benefits and pensions.
With Canadian dollar at par with the US dollar, Canadian workers are surely losing out. CAW workers must ratify the agreement with Ford. CAW has already started a drive to coerce CAW Ford workers to approve of this MEO.
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