{"id":61038,"date":"2023-09-14T16:38:35","date_gmt":"2023-09-14T20:38:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ford-ceo-hits-back-at-union-criticisms-as-uaw-strike-looms\/"},"modified":"2023-09-14T16:38:39","modified_gmt":"2023-09-14T20:38:39","slug":"ford-ceo-hits-back-at-union-criticisms-as-uaw-strike-looms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61038","title":{"rendered":"Ford CEO Hits Back at Union Criticisms as UAW Strike Looms"},"content":{"rendered":"
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The head of the United Auto Workers on Wednesday evening said the union and the Big Three automakers are still \u201cvery far apart\u201d on the union\u2019s key priorities for wage increases\u2014and that the union is preparing to strike all three companies using new tactics after 11:59 p.m. on Thursday.<\/p>\n

\u201cWe\u2019re likely going to have to take action,\u201d said Shawn Fain, the union\u2019s president of five months, on a
\n Facebook
\n livestream.<\/p>\n

\n

Fain\u2019s remarks elicited a strong response from
\n Ford Motor
\n CEO Jim Farley, who defended the counterproposals his company has put forward. That includes a \u201chistorically generous offer\u201d that Farley said he and Bill Ford, the company\u2019s executive chair, laid out on the bargaining table Tuesday. <\/p>\n

To a group of reporters, Farley said the company hadn\u2019t received a \u201cgenuine counteroffer\u201d in return and that he was \u201cconcerned about the lack of feedback\u201d during negotiations. \u201cIf there is a strike, it\u2019s not because Ford didn\u2019t make a great offer,\u201d Farley said in a statement issued by Ford Wednesday.<\/p>\n

Fain said the union won\u2019t strike all facilities at once. The UAW leader is calling the new tactic a \u201cstand-up\u201d strike, in which local union chapters will be asked to strike at individual auto plants. Fain said it would create confusion for the companies and give the UAW added leverage at the bargaining table.<\/p>\n

Contracts for the UAW\u2019s roughly 150,000 members expire midnight Thursday with Ford Motor,
\n Stellantis
\n and
\n General Motors.<\/span>
\n The union has demanded a 40% wage increase, spread out over the next four-year contract, along with cost-of-living-adjustments, job security measures, and retiree benefits.<\/p>\n

\u201cAltogether we are seeing movement from the companies,\u201d Fain said. \u201cBut they\u2019re still not willing to agree on the kinds of raise that will make up for inflation on top of decades of falling wages. And their proposals don\u2019t reflect the massive profits that we\u2019ve generated for these companies.\u201d<\/p>\n

The Big Three all said they want to reach a deal. GM said Wednesday that it has made \u201cadditional strong offers,\u201d while Stellantis, maker of Chrysler and Jeep, said it remains focused on having a \u201ctentative agreement on the table\u201d ahead of the Thursday night deadline. <\/p>\n

Farley put it this way: \u201cWe should be working creatively to solve hard problems rather than planning strikes and PR events.\u201d\u00a0 <\/p>\n

The UAW president said the union\u2019s goal is a fair agreement, not a strike. But if there\u2019s no deal, Fain said he\u2019ll announce Thursday at 10 p.m. Eastern which local union chapters will be asked to strike first, while others keep working. <\/p>\n

\u201cShow the companies that you are ready to go on a moment\u2019s notice,\u201d Fain told union members Wednesday on the livestream. <\/p>\n

The approach represents a departure from past negotiations, when the union would sign a contract with one of the Big Three first and leverage it to get similar deals with the other two companies.<\/p>\n

The UAW has never initiated strike activity against all three of the auto makers at once. \u201cWe will strike all three companies\u2014a historic first\u2014initially at a limited number of targeted locations that we will be announcing,\u201d Fain said. <\/p>\n

Fain held out the possibility of massive strike action, beyond targeted locations. \u201cAn all-out strike is still a possibility,\u201d he said. \u201cWe\u2019re keeping all of our options open.\u201d<\/p>\n

If things get that far, a total strike by UAW members could cost the U.S. economy about\u00a0$500 million a day, according to estimates from Joe Brusuelas, RSM\u2019s chief economist. That\u2019s a big sum, but not enough to bring on a recession, Brusuelas wrote this week.<\/p>\n

Labor strikes are often averted at the last moment, but Fain\u2019s unusually aggressive stance adds new urgency to this year\u2019s talks. In 2019, a GM strike lasted for 40 days and cost the company an estimated $3.6 billion. <\/p>\n

Write to Catherine Dunn at catherine.dunn@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The head of the United Auto Workers on Wednesday evening said the union and the Big Three automakers are still \u201cvery far apart\u201d on the union\u2019s key priorities for wage increases\u2014and that the union is preparing to strike all three companies using new tactics after 11:59 p.m. on Thursday. \u201cWe\u2019re likely going to have to […]<\/p>\n","protected":false},"author":1,"featured_media":61039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-61038","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFord CEO Hits Back at Union Criticisms as UAW Strike Looms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The head of the United Auto Workers on Wednesday evening said the union and the Big Three automakers are still \u201cvery far 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