- Dec 17, 2010
Report: Detroit automakers paying $305M to UAW retirees for inflation bonus
That's a lot of people receiving quite the sum of checks, and someone has to foot the bill. General Motors has to sign the most signatures with a bill that Automotive News says approaches $200 million. Ford will pay $70 million and Chrysler will pay $35 million. While retirees will no doubt relish their stipend, active employees will receive no such allowance. The United Auto Workers eliminated their cost of living increase as part of concessions made during 2007 and 2009 contract negotiations.
[Source: Automotive News – sub. req.]