Auto workers make historic concession to pay into their own pensions

[toolatecrew]

http://www.theglobeandmail.com/servlet/story/LAC.20090427.AUTOS27ART2227/TPStory/National

Newly hired Canadian workers will contribute $1 for every hour worked or about $1,700 a year

newly hired members of the United Auto Workers at Detroit Three plants in the United States will have no pensions, so the CAW needed to act to maintain Canada's competitive position.

Market adjustment.

It really is shocking when you consider some 60% plus of workers in ontario have NO pension and this pesnsion was 100% employer paid.

[safristi]

..I was absolutely FLOORED when it was confirmed that auto workers "contributed!!!" NADA <NUFFING <NOT A DIME to their OWN pensions............especially when by the time a person in 50+(plus) the value of their pension is actually MORE than the value of their HOUSE............(yeah not in all cases..) but the point is getting a compounded interest "loan" that can be worth $300,000 to double THAT fer "FREE" i.e NO cost to U....................most pensions (all others!!?? prolly...are a 60/40   50:50 kinda thing)..............that BEATS EVERYTHING................even spa daze!...lawyer fees fer divorce/house purchases...yada yada yada..................wotta crock.................


 PONTIAC PENSION...........................0 to 60..........with no gas needed............ ... ....................and ya get .........................MONEY BACK FER LIFE....


 mores the PITY the pension wallahs spent the monies  "saved" by pension contribution holidays" thanks to Bobby RAE DAZE and the union and management on other "PERKS" fer ALL...............sorry the money has been "SPENT"..........don't go cryin' inna reign of McSquinty...............vote often ...and in "SECRET" while U can............

[Rupert]

Without much difficulty (except for extenuating circumstances) most workers with 50 to 75k current income could have saved much more than 300k over the last 35 to 40 years, outside of a pension plan. Others have had to do it on their own if you go by statistics. The problem is that, at current interest rates, 300k will only yield about $3000 per year safely. All funded pension plans are experiencing the same problem. I wonder how many pension plans; funded or not, can cope with this at the moment. Any bailout provisions would have to include all, in my opinion, if it were to be fair. Even the 'do-it-yourselfers'...a very large group indeed.

[safristi]

Rupert Give ME yer $300,000........I'll GIVE ya $3,333 per annum..............

[Rupert]

Since the rest of us are bailing maybe the auto workers might see a way of paying into our pensions for a while so that we can stay afloat in order to bail. We know what the median overall retiree RRSP is at the present time $60,000. Is there a study of what auto worker average RRSP content is at the present time? Or were they in-elligable to make contributions. What's the story here.

I presume that the parties figure that the package given is the best option. It all seems very unfair to me. Especially so when you are presented with union leaders stating that down the road they will be getting all of the consessions (whatever they were) back again. I suppose that this will be after they have paid the rest of the tax payers back.