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U.S. markets recover from steep losses
TORONTO, May 22 (UPI) -- The Canadian Auto Workers union announced Friday it had reached a tentative cost-cutting deal with General Motors Canada in Toronto.
CAW President Ken Lewenza said at a news conference the agreement brings labor costs down to $57 an hour and closes the competitive gap with Toyota's Canadian operations, the Windsor Star reported.
It also freezes pension levels until 2015 for some 25,000 retirees, but requires GM to resume making contributions to the plan, Lewenza said.
The Canadian government pledged $3 billion to GM to help the company stabilize its operations in the country, and so far GM has taken $500 million of it, the Star said.
Lewenza said it was "very likely" GM would file for bankruptcy protection in the United States and Canada. He said he had been assured the latest deal would still be honored.
The agreement came a day after a similar agreement was struck between GM and the United Autoworkers in the United States.
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