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Tag Archives: canadian auto workers
Ford to Build New Edge in Canada with No jobs Added
The announcement comes after the Canadian Auto Workers Union accepted its first two-tier wage contract during the 2012 labor negotiations. For the first time at Ford Canada under a “New Hire Grow-In program” fledgling union workers who replace retiring CAW members will start at C$20.40, equal to 60% of the previous highest member $34 base rate, and then they only get full compensation after ten years. Continue reading
Posted in economy, manufacturing
Tagged autoinformed, autoinformed.com, canadian auto workers, Ken Zino
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Ford CAW Approves First Four-Year Two-Tier Wage Contract
Now for the first time at Ford Canada under a “New Hire Grow-In program” fledgling union workers start at C$20.40, equal to 60% of the current highest member $34 base rate, and only get full compensation after ten years. The Obama Administration broke the power of the UAW in the U.S. as required terms for financing bankruptcy reorganizations at Chrysler and General Motors. As a result, unionized costs in the U.S. are now lower than in Canada and at some Japanese North American plants. Continue reading
Posted in auto news, economy, labor issues, milestones, news, results
Tagged auto informed, autoinformed.com, automotive news, canada, canadian auto workers, caw, ken Lewenza, Ken Zino, two-tier wages
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GM Moves Canadian Healthcare off Balance Sheet to Trust
This means that GM Canada is free from any obligations associated with the cost of providing retiree healthcare benefits for eligible CAW represented retirees, surviving spouses and dependents. In exchange, GM Canada will transfer C$0.8 billion in cash and issue C$1.1 billion of notes to the HCT.
In its Q2 earnings GM had obligations of $4.7 billion in debt, $5.5 billion in preferred stock (U.S. government owns 26.5% of GM), $10.8 billion in unfunded pensions, and $10 billion in other post-retirement employee benefits. It’s not clear how GM is going to fund these. It looks like issuing more common stock is not feasible given current share price of ~$24, far below the IPO price of $33 and its high of $39.48. GM will report Q3 earnings tomorrow. Continue reading
Posted in auto news, financial results, labor issues, news, news analysis, results
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, canadian auto workers, caw, gm healthcare costs, hct, Ken Zino, news, results, uaw, veba, zino
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Unifor Saves Some Canadian Jobs as GM Blinks on Oshawa
This fight has international ramifications stretching beyond next year when the Canadian autoworkers and the UAW contracts expire at the Detroit Three. While not official, this makes the beginning of bargaining table battles that will cast a large shadow on the upcoming U.S. presidential election. Continue reading →