Chrysler jobs bank ends Monday
"The controversial jobs bank -- a program that allowed UAW workers to receive pay while not working -- ends Monday at Chrysler, the union has told its members.
"In a letter obtained by the Free Press, General Holiefield, the UAW's vice president of the Chrysler department, told members that the change was to comply with the terms of the federal loan agreement that gave Chrysler $4 billion to stay afloat.
"Without this loan, the corporation would most certainly" have "been forced to file for bankruptcy protection," he wrote in the letter dated Thursday.
"In order to be in compliance with the mandate, the jobs bank will be eliminated effective Jan. 26," he added. "Employees that are either in the jobs bank or would have been in the bank will be placed on unemployment ... until such time that we have a clarification of all of the stipulations ... in the 'terms of agreement.' "
What the heck does "until such time that we have a clarification of all stipulations" mean?
Is there weasel room in this deal?
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