NINETY EIGHT REGENCY

GM, UAW Cut Jobs Bank Deal

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GM, UAW Cut Jobs Bank Deal

By Ward’s Staff From Wires

WardsAuto.com, May 24, 2007 4:42 PM

General Motors Corp. and the United Auto Workers union reach a deal to force some 400 Michigan workers to leave the Jobs Bank, a program that guarantees nearly full wages for workers who lose their job as a result of productivity improvements or plant closings.

Under the agreement, 85 skilled trades workers in Flint, MI, and about 300 employees in Lansing, MI, will have a number of choices other than remaining in the jobs bank. Among those would be transfer to other jobs within GM or acceptance of an early retirement offer similar to the one the auto maker offered some 34,410 workers last year.

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If workers accept jobs more than 50 miles (80 km) away, GM will pay relocation costs up to $67,000.

Meanwhile, GM says it may take a $1 billion charge in the second quarter as a result of its financial exposure to Delphi Corp.’s restructuring. GM already has taken a $6 billion charge to date, and the additional $1 billion would bring the total to what it has estimated its total exposure may be in a Securities and Exchange Commission filing.

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Its about time this happened!! No more playing checkers for $35 an hour, and sitting around for something to come along.

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I think the job bank is worthless and a waste of money. Nobody should get paid for doing nothing, We live in a nation that gives EVERYONE the opportunity(through hard work) to better themselves and make their lives prosperous, yet we have an unbelievable amount of people that want to get paid for doing nothing. Fight for work or starve, but ANYONE who chooses to fight will do just fine.

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The job bank concept was the epitome of lunacy.

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I'm sure there was a sound and logical reason for the job bank...

Mainly, "Either give us the job bank or we go on strike!"

It's as good a reason as any.

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I'm sure there was a sound and logical reason for the job bank...

Mainly, "Either give us the job bank or we go on strike!"

It's as good a reason as any.

No, it was an incentive to keep jobs and factories in the US. GM chose to shut down plants anyway and pay twice as many workers. It doesn't really matter though, its better that it goes, the concept was corrupted by lazy workers and is a drag on GM.

Edited by AxelTheRed
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It's about time!

THough it sounds cruel, they should just be laid off...or accept a buyout....

There isn't going to be much in the way of work for these people anyways..at any of the plants...

They all seem to be in cut-back mode....

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