Thursday, February 09, 2006
Benefits Go the Way of Pensions
General Motors, struggling to maintain its grip in the global auto industry, is being forced to bow to a changing competitive landscape and join the ranks of hundreds of other companies that are moving to unburden themselves of as much of the cost of supporting their retired work force as they can. For those who were counting on G.M. to care for them for life, the company's recent moves to pare back, in different ways, the pension and health benefits of union and nonunion retirees amount to a breach of a promise that was at the core of the nation's labor relations for much of the post-World War II era: workers would give their productive years to the company; the company would care for workers when they got old.
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