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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (9687)	3/8/2004 11:16:01 AM
From: ild	Read Replies (1) of 110194

Two tier employee structure - seems to be a common trend now. Same as with So California grocery workers. DETROIT (AP)--Members of the United Auto Workers approved a four-year contract with American Axle & Manufacturing Holdings (AXL), union officials said Monday. Workers had gone on strike for one day during the negotiations, which ended Feb. 27 with a tentative agreement. The walkout at plants in Michigan and New York disrupted production at some General Motors Corp. (GM) facilities. Wendy Thompson, president of UAW Local 235, said 68% of members who voted Thursday and Sunday at five locals involved chose to approve the contract. The agreement covers about 6,500 hourly workers. It includes a $5,000 signing bonus, with a $1,000 Christmas bonus in years two through four and performance bonuses. It also establishes a two-tier wage and benefit structure, which would keep higher compensation for current employees in exchange for lower compensation for new hires. Shares of American Axle were recently trading down 65 cents at $37.54.

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