Wages and Pensions

Union OKs 3% wage rise in Daimler, Porsche's heartland

Feb. 24, 2015 10:47 CET
Germany's biggest trade union, IG Metall, accepted a 3 percent wage increase for the country's southwest region, home to carmakers Daimler and Porsche. The union had called for a 5.5 percent increase. Deals agreed in the region traditionally serve as a template for agreements across Germany....
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Ford's new 1,550 workers for F-150 output pushes 300-500 to top-tier wages

12:01 am U.S. ET | Feb. 4, 2015
Ford is adding 1,550 hourly employees in the first quarter to increase output of its aluminum-bodied F-150 pickup. The hires will cause between 300 and 500 UAW members earning Tier 2 hourly wages of $19.28 today to rise to top-tier status with hourly wages of $28.50....
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TRW strikes $440 million deal to shift U.S. pensions

2:49 pm U.S. ET | Dec. 16, 2014
TRW Automotive Holdings struck a deal to transfer U.S. pension obligations to MetLife as the maker of auto parts works to limit liabilities....
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Stagnant wages are a drag on new-car sales

12:01 am U.S. ET | Dec. 8, 2014
One reason auto sales in the United States still aren't quite back to the 17 million-a-year pace seen during the boom years before the recession: Many consumers haven't gotten much of a raise since then....
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In Mexico, a booming auto industry but stalled living standards for workers

12:01 am U.S. ET | Nov. 28, 2014
Mexico’s booming automobile industry is generating more export dollars than oil, building more cars than Brazil and giving a job to Esmeralda Velazquez. What it isn’t doing is raising her living standards....
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Visteon transferring $350 million in pension assets to Prudential

1:40 pm U.S. ET | July 16, 2014
Visteon entered into an agreement to transfer a portion of its U.S. pension assets to Prudential Insurance of America as part of its ongoing restructuring....
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VW targets $6.8 billion in annual cuts to close profit gap with rivals

11:18 am U.S. ET | July 15, 2014
Volkswagen AG plans to cut costs and boost productivity at the VW brand by $6.8 billion a year by 2017 to lift sagging profitability. Efficiency gains have failed to keep pace with rising labor costs, CEO Martin Winterkorn said in an internal presentation to company managers....
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Wage gap rumblings confront UAW

12:01 am U.S. ET | June 9, 2014
New UAW President Dennis Williams said he planned to attack the wide compensation disparity between veteran auto workers and new hires during next year's contract negotiations with the Detroit 3....
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EDITORIAL

2-tier wages served a purpose, but not anymore

12:01 am U.S. ET | June 2, 2014
It's unlikely that the UAW and Detroit 3 can eliminate two-tier wages in the next round of contract negotiations. But labor and management should use the opportunity to whittle away at the inequities inherent in the wage system....
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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....
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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....
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