BusinessUAW strike: CEOs earn up to 350 times more than the average...

    UAW strike: CEOs earn up to 350 times more than the average worker

    After several months of inconclusive negotiations between three major automotive manufacturers and their employees, this Friday The United Auto Workers union went on strike after failing to reach agreements for wage adjustments requested with a new employment contract.

    It is estimated that this shutdown could cost the US economy approximately $5 billion dollars or more if it were to extend for at least 10 days. Although Ford, General Motors and Stellantis have been in constant negotiations with their employees offering salary increases of up to 14.5%, these appear not to be enough.

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    The union expects salary increases of 36% in four years. The president of the UAW, Shawn Fain, expressed that what the workers requested is logical considering that vehicle manufacturers In recent years they have increased the salaries of their executive directors after generating billions of dollars in revenue.

    According to data from the Bureau of Labor Statistics, these workers, due to their contracts, receive an hourly wage, which some depending on the function they perform and their age can get up to $28 dollarsFor those who work in manufacturing production lines and for first-level workers, the salary can reach an average of $33 dollars.

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    Now, these salaries are usually compared with those obtained by the senior executives of the three companies, which according to EPI between 2013 and 2022 they increased up to 40%; For example, last year it was learned that GM CEO Mary Barras earned almost $29 million in salariesthis is 362 times more than an average worker.

    At Ford in 2022, its CEO Jim Farley earned $21 million in total compensation, That represents 281 times more than the average salary of its workers and finally Carlos Tavares, CEO of Stellantis, earned $24.8 millions, that is, 365 times more than its workers.

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    It is a big difference why thousands of UAW workers have gone on strike and regardless of the consequences Fain declared that “if we want to move forward at the negotiating table, We must show companies that it is not just about words“yes,” he said.

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    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


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