Rep. Alexandria Ocasio-Cortez (D-NY) has criticized Ford Motor Co. F CEO Jim Farley for considerably growing chief govt compensation whereas asserting that the corporate has not adequately addressed employee considerations amid the continuing United Auto Staff, or UAW, union strike.
What Occurred: On Friday, AOC took to Twitter, rebranded as X, and shared a clip of the Ford CEO showing on CNBC.
Farley defended the corporate’s stance, saying, “If we signed up for UAW’s requests, as a substitute of getting cash and distributing $75,000 in revenue sharing within the final 10 years, we’d have misplaced $15 billion and gone bankrupt by now. The typical pay could be almost $300,000 absolutely fringed for four-day workweek per worker.”
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AOC took concern with this, emphasizing the necessity to prioritize staff’ well-being.
She posted, “Right: there’s no approach you’ll be able to proceed losing tons of of tens of millions of {dollars} on inventory buybacks to control costs, jack up CEO pay to ludicrous ranges, all whereas ravenous the employees who truly make the product you promote.”
The UAW’s calls for embrace as much as 40% enhance typically pay over 4 years, finish to various tiers of wages, a shorter workweek with full pay, and restoration of conventional defined-benefit pensions.
The union additionally seeks illustration for staff at electrical car battery factories. Whereas the automakers have made affords, the UAW regards them as inadequate.
Normal Motors Co. GM and Ford have each proposed a 20% enhance in pay, whereas Stellantis NV STLA (previously Fiat Chrysler) made a 17.5% provide earlier than making one other, reported AP Information.
Nonetheless, UAW president Shawn Fain has dismissed these proposals as insufficient.
Why It’s Vital: AOC beforehand criticized Jim Cramer for suggesting that Detroit’s Large Three automakers briefly transfer manufacturing to Mexico amid the continuing strike.
In the meantime, UAW has introduced that it’s going to resume negotiations on Saturday.
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