Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Benefits October 25, 2002
IUE-CWA Workers Approve Strike Against GE
October 25, 2002 (PLANSPONSOR.com) - Delegates to
the IUE-CWA/GE Conference Board have unanimously authorized a
national strike if General Electric goes ahead with plans to
increase health care costs for workers and retirees, a GE
union announced.
Reported by Fred Schneyer
A strike would be the first in three decades against GE.
GE has announced plans to increase co-pays for workers and retirees in its managed care plan, Health Care Preferred, effective January 1, 2003.
The increases would come less than six months before the opening of national negotiations in May 2003, where health care costs are expected to be a major subject of bargaining, following a national trend in recent labor negotiations, union officials said.
GE has indicated that it will make demands for more cost increases during those talks. The company’s stated goal is to shift another 15% of costs onto workers and retirees, according to the union.
In the third quarter 2002, GE had a record net profit of $4.1 billion, which puts the company on track to earn its stated goal of $16 billion in profits.
IUE-CWA represents 50,000 active and retired members at GE. The national agreement expires in June 2003.