Finance news

The Canadian Auto Workers union says it has not reached agreement with Chrysler or Ford on the value of concessions at General Motors, which is holding up their restructuring plans to qualify for government loans.

CAW president Ken Lewenza said yesterday the union and two companies will continue meetings today in efforts to find some consensus on how much the GM concessions will save them during the next three years.

"Until we agree on the numbers, there’s not much point going forward," he said at a downtown hotel free credit report and score. "They’re still crunching numbers."

GM workers voted for wage freezes and benefit cuts last week. But Ford and Chrysler are trying to buck that "pattern" deal and say they need more savings to become competitive in Canada and get the public aid. The CAW has insisted on the same GM deal at Ford and Chrysler.

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