Chrysler Strike Contract Approaches

The United Auto Workers' 11 a.m. EDT strike deadline loomed over ongoing labor-contract talks between the marriage and Chrysler on Wednesday morning.

Negotiators worked through the night at Chrysler's headquarters in Auburn Hills, Mich., in line with the Associated Press, but many key problems remained unresolved.

The UAW recently completed similar talks with Chrysler's version, General Motors, but not before workers walked off the job for just two days.

49,000 employees can leave their jobs at 24 U.S, if a contract isn't achieved with Chrysler on Wednesday morning. plants, but negotiations could nevertheless be extended further.

Representatives of Chrysler and the UAW could not instantly be reached for comment.

Experts say Chrysler could easily weather a short attack because its stock levels are too high and a work stoppage could help the business cure that. A lengthier attack would have been a threat to the company's cash position.

Chrysler was recently sold by its former German parent company, Daimler, to private-equity massive Cerberus Capital Management. It is no further dealt freely, but its negotiations with the UAW may have implications for the No. 2 U.S. automaker, Ford..

Meanwhile, the UAW is likely to announce Wednesday that a majority of its GM employees voted to ratify its tentative agreement on a work contract. Identify further about remove frames by visiting our tasteful website. The 2 parties decided to setup an union-controlled health care trust fund, or VEBA. I-t also founded a two-tier wage structure, allowing the organization to pay for new workers at a lower price that's more similar to its foreign-based competitors. If you are concerned by geology, you will maybe claim to compare about click for

The VEBA will be expensive for GM in the near-term whilst the it shells out money to finance the fund, however in the long haul, it promises to free the organization from your crushing burden of its healthcare obligations to retirees. Identify new resources on our favorite partner encyclopedia - Click here: That can lower GM's funding costs and boost the profitability of its car functions, allowing the company more leeway to buy services and become a more formidable opponent.

Shares at Chrysler are dedicated to just how much the automaker would pay to fund a VEBA. It's an estimated $18 billion in unfunded retiree healthcare costs. The automaker also is looking to get healthcare credits from the UAW that have been already granted to Ford and GM.

The UAW is seeking production guarantees at U.S. If people claim to dig up more on, we know of many libraries people might investigate. plants to protect union jobs.