UAW President Bob King and FLOC President Baldemar Valequez speaking during a press conference at Central United Methodist Church in downtown Detroit when they announced a divestment campaign against Chase Bank. (Photo: Abayomi Azikiwe), a photo by Pan-African News Wire File Photos on Flickr.
Chrysler workers OK contract
By CNMMoney staff
October 26, 2011: 9:39 PM ET
NEW YORK (CNNMoney) -- Union workers at Chrysler narrowly approved a new 4-year labor agreement with the automaker, completing this year's contract negotiations with the recovering U.S. Big Three automakers.
The United Auto Workers said Wednesday the agreement was ratified with 54.75% of its members approving and 45.25% voting no.
The union says the new agreement will help create 2,100 new jobs at Chrysler, maintaining a two-tier wage structure that brings less-experienced workers in at lower wages.
Chrysler emerged from bankruptcy protection in 2009 as part of a U.S. government-backed bailout, and is now controlled by the Italian car maker Fiat.
"It's not everything our members deserve, but we did the best we could in these uncertain times and negotiated an agreement that will ensure Chrysler's viability so that we can share in its economic success once it has regained financial stability," UAW vice president General Holiefield said in a statement.
UAW members last month approved a contract with General Motors (GM, Fortune 500), which also emerged from bankruptcy in 2009 after a federal bailout. Earlier this month, union members approved a contract with Ford Motor (F, Fortune 500).