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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: GM Daewoo union approves plan to defer benefits By KELLY OLSEN,AP Business Writer AP - 2 hours 36 minutes ago SEOUL, South Korea - Unionized workers at General Motors' South Korean subsidiary have approved a plan to suspend benefits to save cash amid the global financial downturn, the company said Friday. ADVERTISEMENT GM Daewoo Auto & Technology Co. said in a statement that 85 percent of union members who took part in voting ratified an agreement with management to defer certain benefits until July next year. The company, which has suffered declining sales, has curtailed production to adjust for the lower demand. Detroit-based General Motors, which lost $30.9 billion last year, has received $13.4 billion in U.S. government loans and is seeking more aid. GM's own auditors have expressed doubt about whether the company can survive. As part of the accord between GM Daewoo and its union, workers agreed to forego payment for accrued vacation and not seek partial early disbursement of retirement payments, said Park Hae-ho, a company spokesman. The union, which reported the vote results on its Web site, said 5,822 members cast ballots. "We are pleased with the ratification of the agreement by our union employees, and appreciate the many sacrifices that all GM Daewoo employees are making," GM Daewoo President and CEO Michael Grimaldi said in a statement. GM Daewoo, South Korea's third-largest automaker, also said that management and the union agreed that the benefits would be restored immediately if its business returns to normal before July 2010. Park, the spokesman, said he was not at liberty to provide an estimate of how much money the measures would save, citing company policy. Unlisted GM Daewoo was created in 2002 after General Motors acquired Daewoo Motor Co., the automobile unit of South Korea's collapsed Daewoo Group conglomerate. Separately, the head of Hyundai Motor Co. said automakers are fighting for their very existence amid the global economic crisis. "The world automobile industry is in the midst of a more intense struggle for survival than ever before," Hyundai Chairman Chung Mong-koo said in a written message distributed Friday at a Kia Motors Corp. shareholder meeting. Kia is a Hyundai affiliate. However, Chung also said that the crisis facing the auto industry is a "chance for innovation" at Kia. He did not elaborate. Hyundai and Kia dominate South Korea's auto industry and together form the world's fifth-largest automotive group. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Swiss struggle to solve tax evasion spat with USAP - 17 minutes ago China Geely boss says open to overseas auto dealsAFP - 24 minutes ago US-BUSINESS SummaryReuters - 26 minutes ago UC RUSAL gets two-month reprieve on $7.4 bln debtReuters - 27 minutes ago Europe seeks specifics on GM's plans in regionReuters - 28 minutes ago Most Popular – Business Viewed Ladyboy lizards use transvestite trickery: researchers Auditors cite 'substantial doubt' about GM's survival Footage raises new questions about Pakistan attack Space rock gives Earth a close shave Fresh gloom engulfs Asian markets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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