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That's $603 million, which would have been like $60 million profits shared between 10 investors, who would have sat on that money and let it accrue in their portfolio. Every single worker with an extra $10,000 is spending it in the economy, to cover needs and essentials.
#Union
Not really, probably NONE of this, because profit sharing wouldn’t be part of gross monthly wages. $10-50 to join depending on the specific UAW chapter. Then it depends on the balance of the UAW defense fund. If it is at $850M or higher, 2 hours pay per month or 1.15% of gross monthly wages for salaried workers. If the balance is $650M or less, it’s 2.5 hours a month or 1.44% for salaried workers until the balance is back to $850 million or more. And that Defense Fund is what they use during things like the recent strike to help members while they negotiate with the business.
Section 1. (a) Each new member will pay an initiation fee, no
part of which shall be considered as a Local Union fine, of** not less
than ten dollars ($10.00) and not more than fifty dollars ($50.00)**
for membership in a Local Union of the International Union. From
the initiation fee paid by each member: (i) Five dollars ($5.00) shall
be set aside in the Local Union’s new member orientation fund, to
be expended with the approval of the Regional Director; and (ii)
one dollar ($1.00) will be forwarded to the International Secretary-
Treasurer.
Section 2. In order to remain a member in good standing,
each member will pay a minimum monthly dues amount to the
Financial Secretary of the Local Union as set forth below:
(a) Should the net worth of the International Union Strike
and Defense fund reach $850 million, then the minimum monthly
dues shall be as follows: (i) for members who work in either the
private sector or public sector with a legal right to strike, who have
worked a minimum of forty (40) hours in a month, the minimum
monthly dues will be an amount equivalent to 2 hours of straight
time pay for members paid on an hourly basis, or 1.15% of gross
straight time monthly wages for members paid on a salaried basis
and for members employed in a non-traditional sector working
part-time and paid on an hourly basis; (ii) for members who
work in the public sector and are legally prohibited from striking,
who have worked a minimum of forty (40) hours in a month, the
minimum monthly dues will be an amount equivalent to 1.4 hours
of straight time pay for members working full time paid on an
hourly basis, or .805% of gross straight time monthly wages for
members paid on a salaried basis and for members employed part-
time and paid on an hourly basis. Until the time that the net worth
of the International Union Strike and Defense Fund reaches $850
million, monthly dues shall be as set forth in subsection (b) below.
(b) Should the net worth of the** International Union Strike
and Defense Fund decrease to $650 million**, then the minimum
monthly dues shall be as follows until the Strike and Defense Fund
reaches $850 million: (i) for members who work in either the
private sector or public sector with a legal right to strike, who have
worked a minimum of forty (40) hours in a month, the minimum
monthly dues will be an amount equivalent to 2.5 hours of straight
time pay for members paid on an hourly basis or 1.44% of gross
straight time monthly wages for members paid on a salaried basis
and for members employed in a non-traditional sector and paid on
an hourly basis; (ii) for members who work in the public sector and
are legally prohibited from striking, who have worked a minimum
of forty (40) hours in a month, the minimum monthly dues will be
an amount equivalent to 1.9 hours of straight time pay for members
working full time paid on an hourly basis, or 1.095% of gross
straight time monthly wages for members paid on a salaried basis
and for members employed part-time and paid on an hourly basis.
So for the cost of two hours a month in wages they ensure that people are paid more than enough to make up for that two hours a month vs a non-union job.
I don’t know all the negotiated terms for the UAW agreement obviously, but there are most likely things like maternity/paternity leave, specific requirements for medical benefits coverage, etc. Not to mention other benefits like guaranteed vacation days, sick days, mental health coverage/assistance, that sort of stuff.
Remember that a big part of this strike was because the workers had made concessions during COVID to reduce wages and benefits temporarily, and not even those concessions were not returned after things began to return to normal.
After a quick look at the UAW website…
Not really, probably NONE of this, because profit sharing wouldn’t be part of gross monthly wages. $10-50 to join depending on the specific UAW chapter. Then it depends on the balance of the UAW defense fund. If it is at $850M or higher, 2 hours pay per month or 1.15% of gross monthly wages for salaried workers. If the balance is $650M or less, it’s 2.5 hours a month or 1.44% for salaried workers until the balance is back to $850 million or more. And that Defense Fund is what they use during things like the recent strike to help members while they negotiate with the business.
UAW Union dues, from the UAW Constitution(PDF).
So for the cost of two hours a month in wages they ensure that people are paid more than enough to make up for that two hours a month vs a non-union job.
Then they go and get them $10K on top of that.
Nice.
I don’t know all the negotiated terms for the UAW agreement obviously, but there are most likely things like maternity/paternity leave, specific requirements for medical benefits coverage, etc. Not to mention other benefits like guaranteed vacation days, sick days, mental health coverage/assistance, that sort of stuff.
Remember that a big part of this strike was because the workers had made concessions during COVID to reduce wages and benefits temporarily, and not even those concessions were not returned after things began to return to normal.