GM, UAW Reach Tentative Agreement

By Staff Writer November 01, 2023 465

The UAW reported it reached a tentative agreement with General Motors that “paves the way for a just transition and wins record economic gains for autoworkers.”

The deal includes gains valued at more than four times the gains from the union’s 2019 contract. It provides more in base wage increases than GM workers have received in the past 22 years, according to the UAW.

The agreement grants 25% in base wage increases through April 2028, and will cumulatively raise the top wage by 33% compounded with estimated COLA to over $42 an hour. The starting wage will increase by 70% compounded with estimated COLA, to over $30 an hour.

GM has agreed to make five payments of $500 to current retirees and surviving spouses, the first such payments in over 15 years.

The agreement reinstates major benefits lost during the Great Recession, including Cost-of-Living Allowances and a three-year Wage Progression, as well as killing divisive wage tiers in the union. It improves retirement for current retirees, those workers with pensions, and those who have 401(k) plans. Like the other two, the GM deal includes a right to strike over plant closures.

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Last modified on Monday, 06 November 2023 11:00