The UAW's 'record contract' hinges on pensions, battery plants
© Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021.REUTERS/Rebecca Cook/File Photo
The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker.
Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. "The nostalgia for the good old days of the defined-benefit plans is overstated," Mitchell said."Typically you had to work at that company your entire career. That may have characterized the labor market of 50 years ago ... it doesn’t really characterize the labor market today."
Separately, the UAW and companies have not agreed on the complex issues raised by new electric-vehicle battery plants owned by joint ventures.
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