(CNN) - The United Auto Workers union announced Sunday it had reached an agreement with Chrysler, Fiat and the U.S. government that meets the requirements of the Treasury Department for loans to the auto giant.
In a statement, the UAW said the deal was still subject to ratification by union members at Chrysler.
The "painful" concessionary agreement, the UAW said, "includes modifications to the union's 2007 collective bargaining agreement and the Voluntary Employee Beneficiary Association (VEBA) trust."
Union members must approve the deal by Wednesday, the statement said.
The UAW is responsible for the downfall of the American auto industry. Let them pay for it now
Hopefully the greedy Executives also had to make "painful" concessions – and not just giving up the kety to the executive bathroom!
America should not be a majority owner of a car company! Especially a losing one!!
WOW, I see most don't know nothing here!!! blame the unions,not the people in charge! Maybe you think the union workers make 60 to 90K a year hahaha that shows just how much you don't know!!! try reading and thinking for yourselfs and not what Rush and faux so called news feeds you. You may really learn the truth!!!!
My question is, who is bailing "us" out?!
We're still paying the creditors those late "fees" too early "fees" mid payment "fees" whatever "fees".
66.6% of the population are now bankrupt or living below the normal "good" credit rating. So who's going to bail us out?!
You mean unions finally figured out if they don't make concessions, their members won't have jobs at all? A big part of the problems automakers have right now is the high labor rates demanded by the unions. Looks like chickens have come home to roost.
Finally, the UAW is getting something right. I doubt it will last, but hey, it's a start.
This is a good opportunity for Americans to re-evaluate the usefulness of unions. With the minimum wage, social security, OSHA, EEO laws, etc. what more can the union fight for except wage and benefit packages that are way too rich when compared to the work that union employees do. No one should get paid $30-$40 an hour for doing manual labor work.
Maybe if the unions weren't so highly paid there would be more jobs to go around.