Report: UAW seeking seat on GM’s board

According union official Marc McQuillen, the United Auto Workers union is seeking a seat on GM’s board as it offers concessions to help the automaker cut costs and get $18 billion federal aid. In a posting on the UAW Local 2404 website, McQuillen said that workers will have to approve new contract provisions for GM by March 31 of next year.

McQuillen also said that the UAW will offer another round of buyouts in 2009 if GM gets government bailout funds.

“In return for these actions, the UAW seeks an equity stake in the company most likely in the form of a board seat,” McQuillen said.

GM, FoMoCo and Chrysler have cut 150,000 UAW jobs over the past three years but the new round of buyouts in 2009 could allow the Big 3 to cut labor costs by hiring new workers at lower wages.

Source: Reuters