The Actual Copy Of UAW-Chrysler Contract Summary Document.
The actual UAW-Chrysler Contract Summary being distributed to Chrysler-UAW workers can be read here.
Chrysler and the United Auto Workers union has finally reached a worker agreement that will span the next four years.
The UAW said on Wednesday that the terms agreed by Chrysler will pay smaller bonuses to unionized workers than what is being offered by Ford and General Motors . This is the first contract after 2009, during which the 3rdbiggest U.S. automaker went bankrupt and had came under the control of the government. The government handed over the reigns of Chrysler to Fiat of Italy and all the 26,000 workers working there.
Once the contract comes ratified, the workers will receive a bonus of $1,750 as intial signing bonus, along with an identical bonus when the company reached its vital financial goals. The full terms of the agreement have not been disclosed by Chrysler and UAW.
According to the goal reaching bonus terms, a bonus of $1,250 will be paid to every worker when the $1.25 billion profit is made by the company, which could grow as big as $12,000 if the company reaches a profit of $12 billion. The automaker also agreed to pay increases for entry level workers by up to $19.24 per hour, which is equal to the raise announced by Ford and General Motors in their contracts.
Bob king, the UAW President said that the new contract agreed with Chrysler will create more than 2,000 jobs and also assures that the company will invest around $4.5 billion in vehicle production.
Chrysler unlike GM came out of the bankruptcy with a huge debt. It refinanced around $7.6 billion of this debt in May this year. Chrysler has been the only major U.S. car maker to report a loss in its quarterly financial earnings