US automaker General Motors (GM) has reached a tentative deal with leaders of United Auto Workers (UAW) to end the ongoing strike that lasted more than six weeks, CNBC reported on Monday (October 30). GM is the final Detroit automaker to reach a deal with the union leaders.
The negotiations between the parties occurred last night and into the early morning to reach an agreement. According to media reports, the union leaders and the automaker have reached a deal similar to the one signed earlier with Ford Motor Co.
A Bloomberg report, citing a source, said the deal includes a 25% hourly pay raise plus cost-of-living allowances over the more-than-four-year contract. This tentative agreement must still be ratified by members at each of the automakers. However, it is unclear if there are additional terms, including in retiree benefits.
People involved in the negotiations weren't authorised to speak publicly as of now.
Tens of thousands of workers across the United States went on strikes after the sides failed to reach agreements by September 14. As per GM, the strike had cost it about $800 million.
Ford Motor was the first to reach a tentative agreement with the union last week, followed by Chrysler-parent Stellantis.
The share price of General Motors fell 1.49%, or 0.41 points, to $26.82 at 8 am IST.
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(Edited by : Shoma Bhattacharjee)
First Published: Oct 30, 2023 7:34 PM IST
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