UAW Agrees to Concessions with Chrysler and Fiat

The UAW announced the pact in a press release Sunday night. It called the concessions painful. However, it added that the deal takes advantage of the Obama administration giving Chrysler and its workers a second chance.

The UAW says its deal "meets the requirements of U.S. Treasury Department loans to the company," and includes changes to the health care trust. the agreement's ratification process has to be completed by Wednesday.

UAW President Ron Gettelfinger said in a statement:

"We recognize this has been a long ordeal for active and retired auto workers, and a time of great uncertainty. The patience, resolve and determination of UAW members in these difficult times is extraordinary, and has made it possible for us to reach the agreement we will present to our membership."

In order to meet the deadline of the Obama administration, the agreement's UAW ratification process has to be completed by Wednesday.

UAW Vice President General Holliefield said that UAW members and retirees are being asked to make extraordinary sacrifices to help Chrysler become viable. Yes, retirees, too.

"In order for the company to have a sustainable future, all stakeholders will have to show the same willingness to contribute to the common good that has been demonstrated repeatedly by our membership."