CAW OKs GM deal
Canadian Auto Workers members have voted in favour of a cost-cuttingdeal with General Motors, a key hurdle for the automaker that was acondition of billions in government loans.
Canadian Auto Workers members have voted in favour of a cost-cutting deal with General Motors, a key hurdle for the automaker that was a condition of billions in government loans.
The union said last night that its members voted 86 per cent in favour of the deal over two days of voting at its four locations in Ontario.
CAW national president Ken Lewenza said this new deal should provide a much-needed sense of security to the workers and retirees.
“Although we were forced to make a number of important sacrifices, the support we received from our members is proof that they recognize the incredible challenges the industry is facing, but more importantly that they are prepared to stand by each other and stand with their union,” Lewenza said in a statement.
GM is working toward having a restructuring plan by June 1.
Meanwhile, federal Industry Minister Tony Clement said yesterday that any money lent from the federal government to the struggling company will not go towards topping up GM Canada’s pension shortfall, which is approximately $7 billion.