Wages and Pensions

Ally Financial CEO Carpenter won't get pay hike, U.S. Treasury says

7:41 pm U.S. ET | April 2, 2014
The Obama administration is holding the total compensation unchanged this year for the head of bailed-out auto lender Ally Financial, the Treasury Department said on Wednesday.... Read More »

 

PSA to cut executive pension packages, report says

March 20, 2014 13:04 CET
PSA/Peugeot-Citroen will cut the size of its executive pension packages, a French daily reported, months after public criticism forced former CEO Philippe Varin to turn down his pension.... Read More »

 

In Japan, Honda pegs wage hikes to profit despite government appeals

9:44 pm U.S. ET | Dec. 12, 2013
Honda Executive Vice President Tetsuo Iwamura said the Japanese automaker will set pay based on reaching profitability targets, rather than government directives on how fast to increase compensation.... Read More »

 

GM doesn't owe $450M in retiree medical benefits, judge rules

12:30 pm U.S. ET | Dec. 11, 2013
A federal judge said GM is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the UAW that dates back to the automaker's Chapter 11 bankruptcy reorganization.... Read More »

 

DOUGLAS A. BOLDUC

French gov't has done Varin a big favor

8:30 am U.S. ET | Nov. 28, 2013
The uproar over departing PSA CEO Philippe Varin's pension package will benefit the executive in the long run.... Read More »

 

PSA boss Varin renounces pension deal after outcry

Nov. 28, 2013 09:43 CET
Departing PSA CEO Philippe Varin said he would forego his pension package after an outcry from government ministers and labor unions.... Read More »

 

For Hyundai, Korean factory footprint becomes a millstone

12:01 am U.S. ET | Nov. 10, 2013
It takes twice as long on average -- over 28 hours -- for Hyundai to make a car in South Korea than in the United States, even though its domestic plants have far more workers for each production line.... Read More »

 

GM won't tackle pension talks with UAW until 2015

12:01 am U.S. ET | Sept. 28, 2013
General Motors will wait until its next round of labor talks in 2015 before negotiating with the UAW about the automaker's U.S. blue-collar pension obligation, GM's vice chairman said on Friday.... Read More »

 

Hyundai's South Korean workers to stage more partial strikes

8:09 am U.S. ET | Aug. 30, 2013
Hyundai Motor's South Korean workers plan to extend a partial strike for another two days after the latest round of wage talks failed to produce an agreement.... Read More »

 

Hyundai union, seeking higher wages, to stage partial 2-day strike in Korea

7:49 am U.S. ET | Aug. 19, 2013
Union members at Hyundai Motor Co. in Korea will stage a partial strike Tuesday and Wednesday as they demand higher wages amid increasing competition with Japanese carmakers.... Read More »

 

GM was urged by U.S. to improve Delphi hourly worker pensions, watchdog says

3:54 pm U.S. ET | Aug. 15, 2013
The United States government urged General Motors to improve pensions of some Delphi Automotive union retirees while cutting those of salaried workers to help ensure a speedy emergence from a GM bankruptcy, the watchdog of the Troubled Asset Relief Program said.... Read More »

 

GM to reduce reliance on South Korean output as labor costs rise, report says

Aug. 12, 2013 06:01 CET
GM has begun gradually cutting its presence in South Korea after mounting labor costs and militant unionism triggered a reevaluation of its reliance on the country for a fifth of its global production, sources say.... Read More »

 

GM to reduce reliance on South Korean output as labor costs rise, report says

9:05 pm U.S. ET | Aug. 11, 2013
GM has begun gradually cutting its presence in South Korea after mounting labor costs and militant unionism triggered a reevaluation of its reliance on the country for a fifth of its global production, three individuals familiar with GM's thinking told Reuters.... Read More »

 

Detroit's devotion to the car paved way for its undoing

12:01 am U.S. ET | Aug. 10, 2013
The auto industry, which by 1950 made Detroit the fourth-largest American city, produced decades of prosperity but also enabled the city's gradual destruction and depopulation, leading to last month's historic bankruptcy.... Read More »

 

Musk awarded $4.3 million in Tesla shares for advance Model X work

4:04 pm U.S. ET | Aug. 9, 2013
Elon Musk, the billionaire co-founder of Tesla Motors, received more than $4 million in stock-based pay in the second quarter for work on the company's Model X SUV that Tesla directors determined will be completed later.... Read More »

 

Retired GM execs lose appeal in suit over pension cuts

3:56 pm U.S. ET | Aug. 7, 2013
More than 100 former GM executives who sued the automaker for cutting their retirement benefits during the company's 2009 bankruptcy had their appeal rejected today by a federal appeals court.... Read More »

 

GM, Ford pension woes ease, sparing cash for auto operations

12:01 am U.S. ET | July 27, 2013
While drawing car buyers and praise from the likes of Consumer Reports, GM and Ford are getting a grip on pensions that will free up cash to develop future models. GM and Ford, burdened by some of the largest pension obligations among all American companies, said this week they see significant improvement in their plans because of rising interest rates used to calculate the cost of future payments to retirees.... Read More »

 

GM white-collar retirees in Canada win suit over benefit cuts

12:36 pm U.S. ET | July 18, 2013
About 3,000 GM salaried retirees in Canada have won a class-action case against their former employer over cuts in health and life insurance benefits, according to a report in the Globe and Mail newspaper.... Read More »

 

GM: Labor costs must be cut to save Australia plants

3:34 am U.S. ET | June 18, 2013
GM's Holden unit and its labor unions will begin talks to reduce costs enough to keep its Australian plants viable, a month after Ford said it will stop making cars locally.... Read More »

 

Chrysler to freeze U.S. salaried pension plans by Dec. 31

12:16 pm U.S. ET | June 14, 2013
Chrysler Group plans to freeze its pension plans for some 8,000 white-collar workers hired in the United States before 2004 by the end of the year. Those workers will be shifted to a defined contribution plan that is offered to salaried workers hired within the last decade, the third-largest U.S. automaker said today.... Read More »

 

Ford to maintain Canadian factory footprint despite high labor costs

12:49 pm U.S. ET | May 21, 2013
Ford is confident it can preserve its manufacturing profile in Canada despite uncompetitive operating costs tied to the high Canadian dollar, the company's top executive in the country said today.... Read More »

 

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