I wonder what all those people who are crying that Ford hourly workers make so much more money then the Japanese counterparts are going to cry about now.
Ford Motor Co. today announced that it has completed the transfer of all its U.S. hourly retiree health care liabilities to a union-run Voluntary Employees' Beneficiary Association, or VEBA.
Which means Ford no longer pays money out for hourly health care.
"We have removed a substantial health care liability from our balance sheet and have significantly reduced health care expenses.
I repeat Ford no longer pays money out for hourly health care.
So that means that fabled $70/hour now only consists of their wage. So actually Ford hourly employees now technically make less then their japanese counterparts. I wonder how Japan will spin that one.
Posted by Quality Weenie at January 6, 2010 10:32 AM