"The basis we went into this agreement looking for was jobs, jobs, jobs, and I think that's what we came out with," UAW Vice President Joe Ashton said Tuesday, during a press conference.
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GM will add 6,400 new jobs over the four-year life of the contract, all at entry level pay, which is slated to run from $15.78 to $19.28 per hour. The agreement includes a $5,000 signing bonus and a redesigned profit-sharing plan that will guarantee workers a minimum of $3,500 annually. Contract ratification is expected. The negotiations focused on "not just taking care of UAW members but on creating jobs for Americans," said union president Bob King, in his opening remarks, adding "No one else in American manufacturing is creating good middle class jobs," except for the auto industry.The agreement includes new jobs, investments or product guarantees at plants in Spring Hill, Tenn.; Warren, Romulus and Saginaw, Mich.; Fort Wayne, Ind., and Wentzville, Mo. Some production will also return to the United States from Mexico.Since its bankruptcy, GM has committed $4.6 billion in investment and new products to UAW plants, creating 11,800 jobs, not including these additional 6,400 jobs.King said jobs will be "a primary focus" in negotiations with the two other Detroit automakers. He said the GM contract establishes "a general framework we can go to Ford(F) and Chrysler with," although pattern bargaining allows "the flexibility for specific problems at specific companies."GM shares were down 1.8% to $22.64 in afternoon action. >To follow the writer on Twitter, go to http://twitter.com/tedreednc.>To submit a news tip, send an email to: tips@thestreet.com.
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