Jump to content

Report: Detroit automakers paying $305M to UAW retirees for inflation bonus


NINETY EIGHT REGENCY

Recommended Posts

Report: Detroit automakers paying $305M to UAW retirees for inflation bonus

by Chris Shunk (RSS feed) on Dec 17th 2010 at 10:29AM

The Detroit Three's 267,000 hourly retirees will soon receive a COLA (cost of living allowance) of $700 each to cover the cost of inflation; an annual tradition that arrives in time for the holiday season. The 72,000 surviving spouses will also be rewarded with up to $455 to help with rising costs.

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.

link:

http://www.autoblog.com/2010/12/17/report-detroit-automakers-paying-305m-to-uaw-retirees-for-infl/

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...