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U.S. markets recover from steep losses
DETROIT, Dec. 2 (UPI) -- The United Auto Workers union has called for an emergency meeting to discuss possible concessions it could make to keep U.S. automakers going, sources said.
A local UAW official said he expected the Wednesday meeting to include a proposal to reopen the union's 2007 contract, The Detroit News reported Tuesday.
Symbolic among the perceived largess of the union's current contract is the jobs bank, which allows laid off workers to receive nearly full incomes, the News said.
UAW President Ron Gettelfinger, said Ford Motor Co. had removed 40,000 from the jobs bank since 2005, while General Motors Corp. removed 47,000. Currently, the program lists 3,500 workers receiving the benefit that is under a stricter time limit in the 2007 contract, Gettelfinger said.
Executives from Detroit's Big Three automakers are scheduled to appear in Washington Thursday for a hearing on a potential $25 billion federal bailout automakers say is critical to helping them survive.
The new business plans the executives will present all include seeking concessions from the UAW, the News reported.
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