After Stellantis reached a deal with the United Auto Workers over the weekend, the union has reached a deal with GM today, according to news reports, which is expected to bring the current auto workers’ strike to an end.
“GM is pleased to have reached a tentative agreement with the UAW that reflects the contributions of the team while enabling us to continue to invest in our future and provide good jobs in the US,” said GM Chair and CEO Mary Barra in a statement to news media.
While full details of the deal were not disclosed, the broad terms of the deal are reportedly similar to those of Stellantis and Ford, which reached a deal with the union last week, including an 11 percent raise in the top hourly wage rate, additional pay hikes totaling another 14 percent during the 4.5 years of the contract, and a return of the cost-of-living adjustment (COLA).
Before the deals with all three automakers can take effect, they will need to be ratified by rank-and-file members of the UAW.
The strike affected 50,000 UAW members, although not all were on strike at the same time. The financial hit to GM due to the strike is reportedly around $800 million over the course of five weeks.