UAW aims to share in auto turnaround profit

[Omaha Steve]

Source: Reuters

By David Bailey and Kevin Krolicki

(Reuters) - The United Auto Workers union will aim to ensure that its members share in General Motors GM.UL, Ford Motor Co (F.N) and Chrysler profits in contract talks next year, President Bob King said on Monday.

The union wants the workers to share in the turnarounds at the U.S. automakers in a way that does not put the companies "back in a cycle of uncompetitiveness" that left them struggling in recent years, King said.

"There are a number of different approaches" to achieve that, including "flexible compensation, whether it is profit-sharing (or) gain-sharing," King said in an interview with Reuters.

The union granted U.S. automakers sweeping concessions in a 4-year contract in 2007, including allowing the companies to hire entry level workers at $14 per hour, about half the pay for veteran workers. UAW workers agreed to more cuts as GM, Chrysler and Ford struggled during the downturn.



Read more: http://www.reuters.com/article/idUSTRE68J4SK20100920