InfoAnda - Chrysler reaches agreement with Canada union workers

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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 Search Search: Chrysler reaches agreement with Canada union workers AFP - Saturday, April 25 OTTAWA (AFP) - - US automaker Chrysler has reached an agreement on pay and benefits with its unionized Canadian workers, Canada's auto union announced, opening the path to financial assistance from authorities in Ottawa. ADVERTISEMENT Canadian Auto Workers' union President Ken Lewenza said in a televised press conference that he agreed to pay cuts equivalent to reducing the workday by 40 minutes. The agreement should be approved early next week by the 8,000 unionized workers belonging to CAW. "We are living to fight another day," Lewenza said at a press conference, according CTV Toronto News. "This agreement meets the benchmark that was set by the federal government," he added. In addition to reduced compensations, he added, the measures agreed on included "lower legacy costs ... increased productivity and efficiencies in the workplace." Chrysler and its suitor, Italy's Fiat, said last week Chrysler's Canadian employees must accept cuts of 19 dollars (16 US) to wages and benefits or risk losing their jobs as Chrysler would shut down its Canadian plants. Ottawa and Washington also demanded labor concessions as part of a reorganization of Chrysler, in order for it to qualify for a bailout and to return to profitability. Fiat had said it would walk away from a tie-up with Chrysler if workers' salaries were not brought in line with Japanese and German auto plants in Canada. Chrysler estimates its Canadian workers currently earn hourly wages and benefits of 76 dollars (62 US). The Canadian government has so far provided Chrysler with 750 million dollars (618 million US) in bridge loans, and has agreed to provide additional support in proportion to monies it received from the US Treasury. Chrysler, which employs 9,400 workers in Canada, has until April 30 to reach a deal with the union and submit a new restructuring plan to Ottawa. Meanwhile in Detroit, Michigan, the US United Auto Workers union on Friday dismissed speculation on a deal with the administration of President Barack Obama for Chrysler to undergo a "quick rinse" bankruptcy that could lead to a merger with Fiat. UAW officials said the US Treasury, which is handling the negotiations, was waiting for a response from Chrysler's principal creditors on proposals that would eliminate more than half the company's 6.9 billion dollars in debt in exchange for equity in the reorganized company. Chrysler officials, who have been given until May 1 by Obama to come up with a solid restructuring plan, said only that discussions were continuing both with the company's stakeholders and Fiat. Patrick O'Keefe of O'Keefe and Associates, which specializes in turning around manufacturing companies, said bankruptcy was the preferred route for Fiat to acquire Chrysler. Once the firm has filed for Chapter 11, he said, Fiat "can pick and choose which of assets it wants." Sergio Marchionne, Fiat's chief executive, has reaffirmed his commitment to reaching a deal with Chrysler, but on condition of obtaining concessions from the UAW. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US automaker Chrysler reached an agreement on pay and benefits with its unionized Canadian workers, opening the path to financial assistance from the Canadian government, Canada's auto union announced. Most Popular – Top Stories Viewed Downturn hits Elton John, Paul McCartney Tigers resisting calls to surrender: S.Lanka military Fertility doctor on brink of cloning human: report Albino buffalo a first for Kenya Charred meat linked to pancreatic cancer risk 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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