DETROIT – United Auto Workers President Ron Gettelfinger urged union members to vote for contract concessions to Ford Motor Co., saying the automaker can’t survive in the long term without major restructuring.
Gettelfinger said in a letter to 42,000 hourly Ford workers that the company lost $14.6 billion last year and is burning through $1 billion per month to stay in business.
He recommends that members vote for concessions, and points out that the union was able to preserve base pay, keep current health benefits and pensions and prevent further plant closures.
But the union has also agreed to give up cost-of-living pay raises and cash bonuses.
Ford shares rose a penny to close at $2.01 in trading yesterday.