King, UAW Seek $10,000 Ratification/Signing Bonuses.
So Bob King, president of the UAW won’t admit that he and his bargaining team are seeking $10,000 dollar signing bonuses for workers at Ford, GM and Chrysler, but he is. He tipped his hand on August 29th of this year during a speech to the Detroit Economic Club when he said he would not raise fixed labor costs on the US auto makers. He will, and he is seeking the $10K per member bonus.
“..The United Auto Workers, bargaining a new contract with U.S. automakers, is seeking a signing bonus of as much as $10,000, more than three times higher than the payment workers received for endorsing the current accord, according to four people familiar with the proposal.”
UAW bargainers are seeking the increased signing bonus and new work in U.S. factories in exchange for not increasing fixed labor costs at General Motors Co. (GM), Ford Motor Co. (F) and Chrysler Group LLC. Union negotiators have proposed a signing bonus of $8,000 to $10,000 for each member, said the people, who asked not to be identified revealing internal discussions.
The union’s contracts covering 113,000 workers at GM, Ford and Chrysler expire Sept. 14. UAW President Bob King has said he’s open to compensation that may include lump sum payments, rather than raises, that are tied to profit sharing and achieving productivity and quality goals.
A sizable signing bonus would help sell the deal to union members looking to be repaid for concessions that helped U.S. automakers survive…”
Read the full article at Bloomberg.com