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Former UAW employee my father is a retired GM UAW employee so are my cousins are retired GM UAW retired. I worked on the assembly line for Chrysler Warren truck assembly plant. I know what they received I hang out at a bar with many retired UAW workers. My X son in law father retired GM engineer retitee worked at the GM tech center in Warren Michigan. So I here it right from the people that everyone reads about.
We know they have healthcare for life but is it through GM or the UAW VEBA?
Don't know what salaried people get... as far as I know it's not really something that's made public.
We know they have healthcare for life but is it through GM or the UAW VEBA?
Don't know what salaried people get... as far as I know it's not really something that's made public.
The UAW took over the pension plans for the big 3 but the companies have to fund it along with employees, the UAW is not the only one useing the veba pension system. My friend who just retired from GM a couple years ago has no problem with it.
The UAW took over the pension plans for the big 3 but the companies have to fund it along with employees, the UAW is not the only one useing the veba pension system. My friend who just retired from GM a couple years ago has no problem with it.
Here's the deal:
GM agreed to pay $29.9 billion into the VEBA initially and $1.6 billion annually for 20 years.
Then they're done. That was 11 years ago, so this is another liability that they won't have for long.
The UAW has done a pretty good job with it. They had about $56 billion in assets in 2016.
Here's the deal:
GM agreed to pay $29.9 billion into the VEBA initially and $1.6 billion annually for 20 years.
Then they're done. That was 11 years ago, so this is another liability that they won't have for long.
The UAW has done a pretty good job with it. They had about $56 billion in assets in 2016.
Just to put that into context, the $1.6 billion they have to spend every year to fund that is the equivalent of one brand new large-volume product program. That is a HUGE penalty they have that most of their foreign competitors don't have to deal with.
For example, the 2009-2014 F-150 program, which was an all-new from the ground-up product, cost Ford $1.8 billion to design and develop. That included a couple new powertrains, too, in addition to the new truck itself.
I love the way people on here know what the UAW employees got on their contracts with the big 3 ,are any of you on here a retitee salaried or hourly UAW employee I bet not it's always people saying they read somewhere. I live in metro Detroit and have many friends who are retired from GM ,and Chrysler. They have health care for life. Salaried employees still have health care from the companies.
So why were the GM bond holders screwed out of their money after the bankruptcy? Wasn't getting rid of pensions one of the conditions of bail out?
Daily I get a chuckle about all the expensive $50 through $100 thousand dollar cars sitting in the parking lot at work in the 90-100 degree sunshine.
But, I get how important these people have got to look on their 25 MPH commute back and forth to work on the freeway.
Look at me, I've got more dollars than sense !!
Daily I get a chuckle about all the expensive $50 through $100 thousand dollar cars sitting in the parking lot at work in the 90-100 degree sunshine.
But, I get how important these people have got to look on their 25 MPH commute back and forth to work on the freeway.
Look at me, I've got more dollars than sense !!
They probably have some sense if they can afford a $100k car.
The "Japanese" Nissan Xterra that I had was built in Tennessee, it was a good car.
Was a small SUV not a car.
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