Connect with us

Hi, what are you looking for?

Your Retire Invest

Economy

Strike for Power: UAW Ready to Join Forces at GM, Ford, and Stellantis

Strikes may be the last thing that seafarers want to deal with, but they may be the only way that the United Auto Workers (UAW) union can get the attention of automakers. On Tuesday, members of the UAW overwhelming voted to authorize strikes at GM, Ford, and Stellantis. The vote was 83% in favor of the strike authorization, and while the UAW did not specify when they would actually go on a strike, the message was clear. UAW Vice President Terry Dittes said, “We have proven time and again that when our members stand together, we can win the wages, benefits, and job security our membership deserves.”

The UAW will now meet with the automakers in Detroit over the next few weeks to discuss wages, benefits, and job security. The last time that the UAW called a strike was in 2007, when UAW members walked off the job at the Chrysler Group. That walkout lasted for two days before both sides agreed on a new labor contract.

The stakes are even higher this time around. All three of the automakers are facing significant financial problems due to the effects of the Coronavirus pandemic. Automakers have seen a steep decline in sales, leading to factory shutdowns and cost-cutting measures. Stellantis, the result of a recent merger between Fiat Chrysler Automobile (FCA) and PSA Group, is especially vulnerable, and the UAW wants to ensure that their workers have job security.

Without an agreement between the UAW and the automakers, the UAW could potentially call for a strike. Such a strike would be devastating for the automaker’s profits, and potentially put thousands of jobs at risk. The automakers are likely eager to avoid such a scenario, and it’s likely that unions are banking on that. Only time will tell if a strike is ultimately necessary in order to bring the automakers to the bargaining table.

You May Also Like

Editor's Pick

Controversy ensued recently when a vocal group within the Republican party (in the United States) began to make the argument that the Speaker position,...

Top News

Intensified aerial strikes in and around the Hamas-controlled Gaza Strip have been met with retaliatory releases of Israeli hostages by the militant organization. On...

Economy

In an effort to promote stronger loyalty among customers, Delta Air Lines has recently announced changes that will make it more difficult to earn...

Investing

QX Resources is an Australian-based mining company that has gained global prominence though its role in supporting the electric vehicle (EV) value chain. The...

Disclaimer: YourRetireInvest.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 YourRetireInvest. All Rights Reserved.