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<blockquote data-quote="Babagounj" data-source="post: 880146" data-attributes="member: 12952">]GM, UAW agree on profit-sharing in new contractSigning bonuses, profit-sharing among perks in new GM contract agreement with the UAW[/h]DETROIT (AP) -- The United Auto Workers union won $5,000 signing bonuses&nbsp; and the possibility of sweeter profit-sharing checks as part of a new&nbsp; four-year contract with General Motors Co., two people briefed on the&nbsp; talks said Saturday.The deal, which was reached late Friday, also includes a $2- to&nbsp; $3-per-hour pay raise for entry-level workers over the life of the&nbsp; contract and guarantees more union jobs, the people said.Workers have to approve the deal before it can take effect. A vote is expected within 10 days.In addition to the bonuses, workers could get profit-sharing checks that exceed the $4,000 that workers earned last year.The deal also will include creative ways to cut GM&#039;s hourly labor costs.&nbsp; GM pays around $56 per hour including wages and benefits.Also, a former Saturn assembly plant in Spring Hill, Tenn., will be&nbsp; reopened under the deal, the people said, and new products have been&nbsp; promised to plants in Romulus, Mich.; Warren, Mich.; and Wentzville, Mo.&nbsp; A plant in Janesville, Wis., which stopped producing trucks in 2009,&nbsp; will remain idled but won&#039;t close.It ensures that GM&#039;s overall labor costs will fall over the lifetime of&nbsp; the contract, since new hires will be making significantly lower wages&nbsp; than most current workers. But current workers will get economic gains&nbsp; in the form of profit-sharing checks and bonuses</blockquote>

[QUOTE="Babagounj, post: 880146, member: 12952"] ]GM, UAW agree on profit-sharing in new contract Signing bonuses, profit-sharing among perks in new GM contract agreement with the UAW[/h]DETROIT (AP) -- The United Auto Workers union won $5,000 signing bonuses and the possibility of sweeter profit-sharing checks as part of a new four-year contract with General Motors Co., two people briefed on the talks said Saturday. The deal, which was reached late Friday, also includes a $2- to $3-per-hour pay raise for entry-level workers over the life of the contract and guarantees more union jobs, the people said. Workers have to approve the deal before it can take effect. A vote is expected within 10 days. In addition to the bonuses, workers could get profit-sharing checks that exceed the $4,000 that workers earned last year. The deal also will include creative ways to cut GM's hourly labor costs. GM pays around $56 per hour including wages and benefits. Also, a former Saturn assembly plant in Spring Hill, Tenn., will be reopened under the deal, the people said, and new products have been promised to plants in Romulus, Mich.; Warren, Mich.; and Wentzville, Mo. A plant in Janesville, Wis., which stopped producing trucks in 2009, will remain idled but won't close. It ensures that GM's overall labor costs will fall over the lifetime of the contract, since new hires will be making significantly lower wages than most current workers. But current workers will get economic gains in the form of profit-sharing checks and bonuses [/QUOTE]

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