General Motors And UAW Nearing Agreement To End Prolonged Strike: Report

General Motors Co. (NYSE:GM) and the United Auto Workers (UAW) are reportedly close to finalizing a tentative agreement to end a protracted strike, which has continued for over a month.

“All the pieces are there, we just have to glue it together,” stated Mike Booth, vice president of the union’s GM department, during a labor rally in Detroit, as reported by Bloomberg.

Since mid-September, GM, along with Ford Motor Co. (NYSE:F) and Stellantis NV (NYSE:STLA), has been striving to reach an accord to resolve the strike. 

All three automakers have offered UAW workers historic wage hikes and the reinstatement of inflation protection measures.

While both sides are converging on various issues, pay and pensions remain points of contention.

Also Read: UAW and Detroit Automakers Locked in Discussions Over EV Battery Plant Wages & Unionization

GM has proposed a 20% wage increase over four years, while Ford has offered 23%. Booth expressed the UAW’s belief that “20% is not enough.”

Pensions and healthcare for retired workers are also under discussion.

Booth mentioned that the union seeks a guaranteed pension and is open to negotiation as long as member protection is ensured. 

He remarked, “There’s a possibility of people retiring very comfortably with a defined contribution plan.”

Also Read: GM’s Canadian Workers Secure New Agreement Even As UAW Strike Drags On

Both sides met on Thursday and are scheduled to meet again on Friday to continue negotiations.

Price Action: GM shares are trading higher by 2.05% at $29.93 and F higher by 1.78% at $11.74 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.