CNBC's Phil LeBeau reports on General Motors and the United Automobile Workers union, which have reached a tentative deal to end a strike.
The work stoppage is the longest UAW strike against GM since 1970.United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant on Sept. 25, 2019 with Vermont Sen. Bernie Sanders in Detroit.will continue while union members vote on a new four-year labor contract, adding to the work stoppage's estimated $2 billion cost for the automaker, according to someone familiar with the matter.
The decision for the UAW's 48,000 members with GM to continue manning picket lines instead of returning to work was made by roughly 200 local union leaders from across the country during a more than six-hour meeting Thursday in Detroit. Workers have been on strike for 32 days.to the automaker's production losses, according to estimates from Wall Street analysts.
Shares of GM closed Thursday at $36.19, down 1.3%. The stock, which had fallen by double digits during the strike, is currently down by about 4% since Sept.13 — the last trading day before workers started picketing.between the union and GM that was announced Wednesday. The leaders had to approve the deal before rank-and-file members can vote on it.to close four U.S. facilitiesThe deal includes 3% to 4% raises or lump-sum bonuses, the addition or retention of 9,000 hourly U.S.
The agreement would also pay most union members an $11,000 "ratification" bonus once the contract is signed. Temporary workers, who have a shortened path to become permanent employees as part of the deal, would receive $4,500 ratification bonuses. The new contract, if ratified by GM members, will be used as a template by the union for negotiations with
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What to watch today: Dow to fall slightly, GM-UAW deal near and WeWork cash-strappedU.S. stock futures are pointing to a lower open, following gains in four of the past five days that have lifted the Dow, S&P 500 and Nasdaq to their highest levels since Sept. 19.
Read more »
UAW, GM leaders have a deal to end strike, now workers will decideUAW and GM have reached a tentative deal which could bring an end to a month-long workers strike For more business coverage, follow ReutersBiz
Read more »
Timeline: GM reaches tentative labor deal with UAW union to end strikeGeneral Motors Co and the United Auto Workers union have reached a tentative agr...
Read more »
GM, UAW agree on tentative labor contract in deal that could end strikeThe union’s roughly 48,000 members with GM are expected to receive raises and bonuses as part of the accord. While the tentative agreement could end the strike against GM, negotiators aren’t likely breathing sighs of relief just yet.
Read more »