The United Auto Workers (UAW) union announced that it will resume negotiations on Saturday after the simultaneous strikes at General Motors Co. GM, Ford Motor Co. F, and Chrysler parent Stellantis NV STLA plants caused parts shortage.
What Happened: The strike, one of the most ambitious U.S. industrial labor actions in decades, has stopped production of the Ford Bronco, Jeep Wrangler, and Chevrolet Colorado, among other models. The effects of this limited shutdown began to spread on Friday.
Ford stated that the interconnectivity of their production system means the strike will impact facilities not directly targeted. As a result, they advised 600 non-striking employees not to report to work on Friday.
Why It Matters: The UAW is demanding a larger share of profits, shorter work weeks, restoration of defined benefit pensions, and stronger job security as automakers transition to electric vehicles. Union members are particularly protesting a two-tiered wage system that favors seasoned workers and investors over new hires.
UAW vice president Chuck Browning, leading the talks with Ford, acknowledged the progress made so far but emphasized that there’s still a long way to go. This sentiment was echoed by U.S. President Joe Biden, who urged auto companies to reward workers just as executives’ salaries have increased.
Read Next: Looking for a way to boost your returns? Benzinga’s Real Estate Offering Screener has the latest private market investments with offerings available for both accredited and non-accredited investors.
Photo by John Gress Media Inc on Shutterstock
Engineered by Benzinga Neuro, Edited by
The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.