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GM says South Korean unit will file for bankruptcy if no union concessions
- rectang 9y agoThis is normal. Libertarians would prefer that labor simply surrender and knuckle under to capital -- power is only something to be exercised by owners, not workers. Under such circumstances, brinksmanship is the only way capital and labor can negotiate.
- hinkley 9y agoPunchline: GM Korea still wants the union to agree to cut benefits worth 80-90 billion won ($74-$84 million), a union official said on Tuesday. The automaker had already achieved cost cuts of over 500 billion won through union concessions on wages and bonuses and voluntary redundancies, the union official added. GM Korea plans to slash 5,000 jobs, or about 30 percent of its workforce, but keep production steady if Seoul agrees to its $2.8 billion restructuring proposal, according to a document seen by Reuters earlier this month. ———- The title makes it sound like the Union hasn’t budged. Sounds to me like they already gave a substantial fraction of what GM wanted.