The United Auto Workers’ historic standoff with Detroit’s three carmaking giants is centered on an age-old tension: The union says corporate greed is keeping…
— The United Auto Workers’ historic standoff with Detroit’s three carmaking giants is centered on an age-old tension: The union says corporate greed is keeping workers from earning fair wages, while Ford Motor Co., General Motors Co. and Stellantis NV say they can’t afford union demands.
The median worker at GM and Ford earned $80,034 and $74,691 in 2022, respectively. Stellantis, which is based in the Netherlands, paid its average employee €64,328 last year. At both GM and Ford, that puts CEO-to-worker pay ratios higher than the average among the biggest publicly traded US firms, according to data compiled by Bloomberg. Stellantis said that it has distributed more than €2 billion in profit-sharing to employees under the current CEO Carlos Tavares.A welcome email is on its way.
There’s good reason for the ask: Since 2003, the average hourly wage for US auto workers has declined about 30%, according to the Bureau of Labor Statistics. Among the factors contributing to this trend was the rise of non-unionized car production in the US and the UAW agreeing in 2007 to lower wages for new hires at Detroit Three plants.
Rather than bring back pensions, the automakers are willing to increase company contributions to 401 benefit plans. GM, for example, has offered to boost its unconditional company contribution to 8%, from 6.4%, while Stellantis is offering a 6% contribution, plus a 50% match for employees who contribute up to 6%.
The companies also are spending billions along with joint-venture partners on battery plants that the UAW wants to organize. So far, just one of those factories — run by GM and South Korea’s LG Energy Solution — is operating, and it currently pays its newly unionized workers about $20 an hour, which is about one-third less than the automakers’ top wage.
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