Word: uaw
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Dates: during 2000-2009
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...principle shareholders of any new GM - the U.S. Treasury, Canada's federal government and the United Auto Workers (UAW) - are keenly interested in getting GM stock back into circulation. "There is a lot of interest from the future stakeholders ... to start the process of selling down the shares. All agree that it's important to make General Motors a publicly traded company," says Ray Young, GM's chief financial officer. The earliest it would happen, Young projects, is around the first or second quarter of 2010. (See pictures of the remains of Detroit...
...stay at that level in the future. However, union leaders argued that GM should keep the plants as a hedge against a robust recovery in new vehicle sales, possibly next year or the year after. "We know they're not going to [be at] 10 million units forever," said UAW vice president Cal Rapson, and the White House apparently relented...
...health care of thousands of retired autoworkers is about to change: on May 29 the membership of the United Auto Workers overwhelmingly approved a restructuring plan with GM, according to UAW president Ron Gettelfinger. The plan gives the union's health-care vehicle some promissory notes, plus a 17.5% stake in GM and warrants to purchase another 2.5%. (See TIME's photo-essay "General Motors Factory-scapes...
...Gettelfinger insists that the union has already made substantial cuts to health-care costs. In less than four years, blue collar retirees have gone from modest co-pay fees and deductibles to footing 25% of the bill for their health care. The new UAW contracts also include reductions in benefits: dental and vision coverage will be dropped, effective July 1. "The UAW has always been willing to sacrifice to help these companies," Gettelfinger says. "When this started, we were on third base before the other stakeholders were even in the ballpark...
...Even within the UAW, that note of selfless sacrifice rings a little less than true: "The government made us do it," says a union official...