General Motors and the United Auto Workers have reached an agreement that could end the month-long strike.
The deal, which likely won’t be finalized for weeks, reportedly would see the union’s 48,000 members receive raises and bonuses. Exact details were not released. Also unclear is when workers will begin returning to their jobs. Union officials say they will decide Thursday whether to resume work or stay on strike until members ratify the treaty.
There have been signs in the past few days that the two sides were getting close to a deal.
The UAW says it has been trying to stop the closure of four plants in Michigan, Ohio, and Baltimore. It also wanted pay raises for entry-level workers. And it has said health care is a priority for workers. The union was also looking for paths for temporary workers to become permanent and to close the wage gap between them and permanent employees.
GM, at the offset of the strike on Sept. 16, said it had offered the union over $7 billion in investments and pledged to add another 5,400 jobs. It also said it was offering wage increases for all four years of the deal, an $8,000 signing bonus per member, an improved profit sharing formula and “solutions” for two assembly plants that are scheduled to close.
The deal, if approved, is expected to be a model for upcoming UAW talks with Ford and Fiat-Chrysler. The UAW hasn’t said which company it will begin bargaining with next.
More must-read stories from Coins2Day:
—Trump’s tariffs were supposed to ding China, but the U.S. Economy is getting hit 2.5x harder
—Inside JP Morgan, moving on from WeWork is proving to be a messy proposition
—5 beermakers to watch from 2019’s Great American Beer Festival
—A key change to mortgage lending rules is coming in 2021. Here’s what that could mean
Subscribe to Coins2Day’s The Loop newsletter for the latest on the revolutions in energy, technology, and sustainability.