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GM Union’s Pension Concession Signals New Reality

  • arikara (882 posts)
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    GM Union’s Pension Concession Signals New Reality

    General Motors workers in Ontario decided Sunday to give up defined-benefit pension plans and guaranteed retirement incomes in return for company investments that will increase job security. Union members ratified a new contract negotiated by Unifor, Canada’s largest private-sector union, that ends defined-benefit pension plans for new hires.

    The change — expected to feature in bargaining with other automakers — is part of a long-term trend, experts say.

    While the collective agreement affects only three plants and about 4,000 employees, the financial and global pressures that shaped the deal are transforming industries across Canada.

    Defined-benefit pension plans, which provide workers a guaranteed income in retirement, have been disappearing from the private sector for several decades.



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