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GM, UAW reach tentative agreement to potentially end punishing strike: reports - Fox Business

Author: Fox Business

Source: https://www.foxbusiness.com/markets/gm-uaw-reach-tentative-agreement-potentially-end-punishing-strike-reports

Image of GM, UAW reach tentative agreement to potentially end punishing strike: reports - Fox Business

Published October 30, 2023 10:29am EDTUAW entered sixth week of strike against Detroit’s Big Three automakersGeneral Motors and the United Auto Workers (UAW) union have reached a tentative labor agreement that could bring an end to the union’s six-week strike, according to reports.The tentative agreement between automaker and labor union was reported by Reuters, citing two sources familiar with the matter.While GM declined to comment when Fox News Digital reached out for confirmation, the potential deal follows agreement the union reached with Ford last week and Stellantis over the weekend.Those deals will last four years and eight months and include 25% general pay raises and cost of living adjustments.Combined they bring the wage increase to over 30% over the four year and eight month life of the contract.UAW AND FORD REACH TENTATVIE DEAL ON NEW LABOR CONTRACTThe UAW strike began on Sept. 15 with a simultaneous strike against Detroit’s Big Three automakers – Ford, General Motors and Stellantis.(AP Photo/Paul Sancya, File / AP Newsroom)The UAW initially sought pay raises for union autoworkers amounting to 40% over the course of a four-year contract, as well as a 32-hour work week and enhancements to benefits – while the automakers initially offered raises closer to 20% over a new contract with about 10% provided upon ratification of the new contract.The union has had to reach separate agreements with each automaker on new labor contracts covering their respective employees.(REUTERS/Dieu-Nalio Chery/File Photo / Reuters Photos)UNITED AUTO WORKERS STRIKE: COST TO US ECONOMY TOPS $9 BILLIONTicker Security Last Change Change % GM GENERAL MOTORS CO.27.36 +0.14 +0.51%F FORD MOTOR CO.9.77 -0.19 -1.91%STLA STELLANTIS NV 18.00 -0.04 -0.22% The UAW strike began on Sept. 15 with a simultaneous strike against Detroit’s Big Three automakers – Ford, General Motors and Stellantis, which is the parent company of Chrysler, Dodge, Jeep and Ram.GET FOX BUSINESS ON THE GO BY CLICKING HEREIt launched what it called a "stand up strike" in which specific locals are asked to go on strike at their facilities.Over 45,000 union autoworkers are currently on strike – about one-third of the roughly 150,000 total workers across the three companies.FOX Business’ Eric Revel and The Associated Press contributed to this report.

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