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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (26115)3/21/2005 8:13:46 PM
From: RealMuLan  Read Replies (1) of 116555
 
Hit on Work Force after Chrysler Insurance Changes

22 March, 2005 by romit

Chrysler Group has got a major win in the tussle with United Auto Workers union. This could mean a saving of tens of millions of dollars in health costs to the company. This will further increase the health care deductibles of the employees and their family by nearly $1,000.

The deal has not been anounced publicly, but letters were sent out to employees on MArch 10 regarding the issue. At the same time, the union or the company, both have not commented on the news. Chrysler can ask the union for relief if health costs go out of control as per the earlier arrangement between the company and Union in 1982. Chrysler is the North American unit of DaimlerChrysler AG.

The report has further pointed out that General Motors Corp. and Ford Motor Co. are also looking for same kind of cost savings from the UAW, which in the past has fought any attempt to shift health care costs to its members.

The annual deductibles for employees and retirees using a network of preferred providers will be $100 for individuals and $200 for families.

Those who go outside that network for medical care will face deductibles of $500 for individuals and $1,000 for families. Workers will also have co-payments up to $12.50 for vision care.

While Chrysler Group and other auto majors have a reason to cheer, the employees will have to shed out big amount from their pocket for their health costs.

expressnewsline.com
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