Are you in favor of a bailout for the Automotive Industry?

Are you in favor of a bailout for the Automotive Industry?

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#76
#76
#77
#77
therealUT said:
Union auto-workers absolutely disgust me. I am definitely looking forward to seeing the entire state of Michigan fail as disastrously as Flint, MI did.
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We are in 100% agreement on that one.

If your company is on the verge of collapse, then you obviously you have not made enough concessions. These guys might want to try and think a little deeper. Scenarios:

1) Make more concessions with the hope of maybe keeping your sorry arse job, even if it means a reduction in pay and benefits(OMG!!!!).

Or

2) Stand there like a 2 year old with his lip stuck out and find yourself with no job in 6 months.

Wow, such a difficult choice. Hint, less pay and benefits is still more than no pay and benefits.
 
#78
#78
I do seem to recall this newsworthy, yet barely covered by the national media, story, circa 2006:
Buyout packages are as follows:

1. Special Retirement Incentive (SRI): $35,000 for workers electing retirement.
To be eligible, UAW Ford workers must have one of the following:
-30 years of credited service, or,
-55 years of age plus years of service totaling 85 or more, or
-65 years old with at least one year of seniority.

2. Special Early Retirement (SER):
Eligible at age 50, with 10 years of credited service.
This option provides an unreduced life income benefit. Workers who elect this option who are younger than age 62 will receive a life income benefit based on years of service starting immediately, instead of receiving a reduced benefit until age 62. 3. Pre-retirement leave (PRLP)
Eligible with at least 28 years of credited service but less than 30 years. UAW Ford workers electing the pre-retirement leave option will be on leave from their work assignments and will receive 85% of their hourly pay until reaching 30 years of credited service.

During pre-retirement leave, UAW-Ford workers:
-Continue to accrue retirement credit
-Receive holiday pay at 85%
-Receive vacation pay at 100%, but two weeks must be held for vacation shutdown
-Are eligible for Christmas bonuses
-Will receive profit-sharing if available, based on eligible pay
-Continue to receive all insurance and benefits
-May continue TESPHE, Credit Union, FMCC, and other deductions
-Continue to be eligible for UAW membership and continue to pay union dues.

4. Special Termination of Employment (STEP)
Under this program, UAW Ford workers who agree to terminate their employment at Ford will receive a lump sum payment of $100,000, minus applicable taxes, and basic medical benefits, less dental and vision, for six months. After six months, workers may continue health insurance at their own expense through COBRA.

Retirement eligible UAW Ford workers who select this option, must delay retirement until at least 23 months after the date of termination, and will receive any pension benefits for which they are eligible at that time, based on length of service.

5. Enhanced Special Termination of Employment (ESTEP)
Under this program, UAW Ford workers who agree to terminate their employment at Ford will receive a lump sum payment of $140,000 minus applicable taxes. Benefits same as STEP program. To be eligible, an employee:
must have at least 30 years of credited service under the Ford-UAW Retirement Plan, or
Are at least age fifty-five (55) and have ten (10) years of credited service under the Ford-UAW Retirement Plan. Retirement may take place immediately, and workers who elect this option receive any pension benefits for which they are eligible at that time, based on length of service. Future post-retirement health care, however, is forfeited.

6. Educational Opportunity Program (EDOPP)
UAW Ford workers who select this option will receive up to $15,000 of tuition a year for up to four years of paid college or vocational school and an annual stipend worth 50% of wages (minus COLA). Health insurance and other benefits continue during this four- year period, but pension credits do not accrue. Participants must enroll in school full-time (at least 12 credit hours per semester) and must maintain a "C" average to remain eligible.

At the end of four years, workers who select this option will terminate their employment at Ford.

7. Focused Education Opportunity Program (FEDOPP)
Similar to option #6 above, except that UAW Ford workers who select this option will receive two years of tuition payments, up to $15,000 per year (instead of four years) and 70% of wages (minus COLA) instead of 50%.
8. Family Scholarship Program (FSP)
Retirement-eligible UAW Ford workers who elect this program agree to terminate their employment at Ford, and will receive an account totaling $100,000, which can be used for approved educational expenses for their children or spouses. Funds will be taxed upon withdrawal. Withholding tax rates are as follows, 25% Federal, 7.65% FICA and applicable state taxes. Funds will be available for a 10 year period from the employee's date of termination. If the funds are not used within that period, they are forfeited.
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#79
#79
5. Enhanced Special Termination of Employment (ESTEP)
Under this program, UAW Ford workers who agree to terminate their employment at Ford will receive a lump sum payment of $140,000 minus applicable taxes. Benefits same as STEP program. To be eligible, an employee:
must have at least 30 years of credited service under the Ford-UAW Retirement Plan, or
Are at least age fifty-five (55) and have ten (10) years of credited service under the Ford-UAW Retirement Plan. Retirement may take place immediately, and workers who elect this option receive any pension benefits for which they are eligible at that time, based on length of service. Future post-retirement health care, however, is forfeited.
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:disappointed:

And they wonder why they are in trouble.
 
#81
#81
DNC chair’s Buy American campaign starts with everyone but her Hot Air

Rep. Debbie Wasserman Schultz (D-Fla.), the chairwoman of the DNC, ripped into Republican presidential contenders who opposed President Obama’s 2009 bailouts for General Motors and Chrysler.

“If it were up to the candidates for president on the Republican side, we would be driving foreign cars; they would have let the auto industry in America go down the tubes,” she said at a breakfast for reporters organized by The Christian Science Monitor.

But according to Florida motor vehicle records, the Wasserman Schultz household owns a 2010 Infiniti FX35, a Japanese car whose parent company is Nissan, another Japanese company. The car appears to be hers, since its license plate includes her initials.
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#83
#83
droski said:
The Wall Street Journal Classroom Edition

Mr. Mellon, 55, joined GM in 1972, following his grandfather and his father. Through the 1980s and 1990s, Mr. Mellon held jobs designing electronic systems for vehicle prototypes. In 2000, GM merged two engineering divisions, and he wasn't needed anymore.

Since then, except for a period in 2001 when he worked on a military-truck project, GM has paid him his full salary for not working. That is currently $31 an hour, or about $64,500 a year, plus health care and other benefits

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Since then, except for a period in 2001 when he worked on a military-truck project, GM has paid him his full salary for not working. That is currently $31 an hour, or about $64,500 a year, plus health care and other benefits.

About 7,500 GM workers are now in the Jobs Bank, more than double the figure a year ago. Each person costs GM around $100,000 to $130,000 in wages and benefits, according to internal union and company figures, meaning GM's total cost this year is likely to be around $750 million to $900 million.

One way employees in the Jobs Bank can fulfill their requirements is to attend eight- or 12-week classes offered by GM. In these classes, Mr. Mellon has studied crossword puzzles, watched Civil War movies and learned about "manmade marvels like the Brooklyn Bridge," he says. One class taught him how to play Trivial Pursuit. More recently, he attended an institute in Flint called the Royal Flush Academy. It is designed for those seeking work in casinos. Mr. Mellon says he isn't interested in casino work and left the academy after they docked his pay because he was 10 minutes late coming back from lunch.
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That is amazing. WSJ does some of the best news stories.
 
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