Dont forget about the incentives. $55,000 retirement incentive. Workers with fewer than 10 years are offered $85,000 buyout to sever their ties with the company and workers with 10 or more years could receive a $140,000 buyout, paid out at one time. The deal would include a $5000 signing bonus. During the course of talks, the union raised the buy down-a payment in exchange for wage cuts-from $90,000 to $105,000, paid out over 3 years. The agreement also includes layoff pay. The benefit could be paid for 26 to 42 weeks, depending on a workers seniority. Skilled trade workers would be paid $26/hr. There is more to the deal than just raising production pay from $17/hr to $18.50/hr.

 

Well i would figure the old contract would be in effect until a new agreement was reached (or a strike in this case), which is definattly not what the company would have wanted...

 

An employer would be highly uncomfortable keeping the older (and, in its minds, far less favorable) contract in place - what's the motivation for the labor union to negotiate a new, less-favorable (from the union's perspective) agreement?

 

I'm just glad this is finally over

 

Thank God! A local plant had laid off 70% of its workforce... (and HAVENT been buying corrugated)

Last Thursday there was a mysterious stocking of parts near the dock because "we're not sure why, we were just told to go ahead and get ready it should end soon..."