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Thursday, 29 September 2011

With the new contract GM holds the line on labor costs

Gm-hmed
In his first new contract from General Motors conducted a massive restructuring, as part of a government bailout plan, members of United Auto Workers union approved a new four-year contract with the company paying the bond in cash instead annual automatic pay increases.

 GM executives said that the agreement means the company will maintain its current "break-even" point, which allows the company to remain profitable with annual global sales of about 10.5 million vehicles. Last month, the car manufacturer reported that second-quarter profits nearly doubled, boosted by higher vehicle prices and strong sales overseas.Vcommindia News

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