Has Gm Come To An Agreement

The UAW has been on strike since 16 September and the action has idled about 46,000 workers. Disagreements include health care, wages, protection of temporary workers and job security, as well as the union`s demand to stop the importation of genetically modified vehicles from other countries, such as Mexico. GM confirmed that an agreement had been proposed and did not provide further details. GM`s stock rose 13.m a day after falling 10% during the strike. Share prices had recovered in recent days as expectations for comparison rose. The United Automobiles Workers` interim four-year agreement with General Motors Co. would give temporary workers a means to obtain fully equipped employment, would not change health plans, remove the profit-sharing cap, give pay increases or bonuses each year of the contract, and offer a record ratification bonus, according to a summary of the union contract. Tuesday`s Reuters report, which quoted two un nominees with knowledge of the negotiations, said GM executives, CEO Mary Barra and President Mark Reuss, participated in negotiations with Auto United workers` representatives and allegedly went through the final details before announcing an agreement on Wednesday. Barra also met with UAW representatives on 9 October. However, as part of the agreement, GM will advance the closure of Lordstown and two plants in Baltimore and Warren, Michigan.

Lordstown workers were outside GM`s Detroit headquarters on Thursday, where UAW leaders gathered to protest the proposed agreement. The two sides will continue their efforts to reach an interim agreement before considering alternatives, people close to both sides said. The agreement also includes ratification bonuses of $11,000 (compared to $8,000 in 2015) for permanent employees. Temporary employees would receive a $US 4,500 ratification bonus, up from 2,000 $US in 2015. The company would pay the bonuses during the second pay period after the agreement was ratified.

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