Still No Agreement in GM-UAW Talks

(AP) - United Auto Workers members have ratified a package of concessions designed to reduce General Motors' labor costs. Union president Ron Gettelfinger said today 74% of GM's production and skilled-trade workers voted in favor. The vote comes before the company's expected Chapter 11 bankruptcy protection filing Monday. Bankruptcy experts say having an agreement in place before the filing will help move the process through court more quickly. More»

The company's 45K hourly workers to get around $4K each

(NEWSER) - General Motors will hand out profit-sharing checks totaling $189 million this year, or more than $4,000 per worker, the company announced today. That more than doubles the automaker’s previous record of $1,775, set in 2000, according to the New York Times . The payout will be less than the $5,000 Ford’s workers are getting, but the Ford figure includes a bonus, while the GM figure is “strictly what it would have generated under the agreement” it has with the UAW, a spokesman said. As one worker said, “Just the fact that we’re seeing a profit-sharing check, that’s great stuff.” More»

(NEWSER) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund, with a potential for 2.5% more. Bondholders, who have more money at risk than the UAW, would get just 10% of GM. More»

Compromise reveals Detroit's 'dinosaurs' can adapt to survive

(NEWSER) - The deal hammered out between Ford and the UAW offers Detroit a rare glimpse of hope for the future, Jim Jelter writes in MarketWatch. The deal, ratified by workers yesterday, lets Ford pay half its health-care costs for workers in shares instead of cash, binding workers fortunes' closer to the company and showing lawmakers that unions are willing to take a share of the burden in hard times, writes Jelter. More»

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(NEWSER) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities and a meeting with the United Auto Workers. More»