UAW, GM have a tentative deal, all but ending the autoworkers’ strike

The United Auto Workers said late Monday it has reached a tentative agreement with General Motors Co.
GM,
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the third and last of the Big Three carmakers to have such a deal with its workers. GM workers on strike will return to their jobs as the agreement goes through a ratification process. “Like the agreements with Ford
F,
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and Stellantis
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the GM agreement has turned record profits into a record contract,” the union said. “The deal includes gains valued at more than four times the gains from the union’s 2019 contract.” That year, the UAW had a strike at GM only; this year, workers at several Big Three facilities walked out, a break with tradition for the union. The tentative agreement with GM grants 25% base-wage increases through the four years of the contract, cumulatively raising the top wage by 33% plus cost-of-living adjustments to more than $42 an hour, the union said. GM’s starting wage will increase by 70% compounded with estimated COLA to over $30 an hour. Shares of GM edged lower in the extended session Monday after ending the regular trading day up 0.5%.