General Motors and UAW Reach Tentative Contract Agreement
General Motors and the United Auto Workers (UAW) union have reached a tentative contract agreement, two sources familiar with the matter told Reuters.
The deal, which is still subject to ratification by UAW members, effectively ends the first simultaneous strike against the Detroit Three automakers.
Workers to Receive Record Wage and Benefit Increases
The tentative agreement includes record wage and benefit increases for workers. According to sources, the deal includes a 10% wage increase over the next four years, as well as signing bonuses and other benefits.
Deal Ends First Simultaneous Strike Against Detroit Three Automakers
The strike, which began on September 16, was the first simultaneous strike against the Detroit Three automakers in nearly 50 years.
The strike had a significant impact on the U.S. auto industry, with GM losing an estimated $2 billion in production.
The tentative agreement between GM and the UAW is a positive development for both sides. Workers will receive record wage and benefit increases, while GM will be able to resume production at its U.S. plants. The deal also avoids a potential shutdown of the U.S. auto industry, which would have had a significant impact on the economy.