United Auto Workers Vote for Concessions to the Big Three Auto Giants

2008-12-04 04:56:39 (GMT) (WiredPRNews.com - Business, News)

In a large majority vote on Wednesday, United Auto Workers (UAW) leaders decided on making concessions to the struggling automakers Chrysler, Ford, and General Motors.

Wired PR News.com – As reported by the Associated Press (AP), the UAW agreed on granting concessions for everything except ending a program that allowed employees who had been laid off to collect as much as 95 percent of their salaries. The union also agreed to the delay of trust payments for the health care of retirees set to begin in 2010. As quoted in the report of Rich Bennett, who represents Chrysler workers “Everybody has to give a little bit… We’ve made concessions. We really feel we’re doing our part.”

Congress has yet to make a decision on whether the automakers will be granted bailout funds. Some have expressed fears that if the automakers are refused assistance, millions more jobs might be lost, and the country might land in an economic depression.