Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Alejandro86 for the clue delivery! CTOnews.com, Oct. 31 (Reuters)-General Motors and the United Auto Workers Union (UAW) have reached a tentative agreement ending a six-week coordinated strike that has brought record pay increases to workers at the Detroit Big three.

It is understood that the agreement was reached after UAW reached agreements with Ford and Stellantis, which is a major victory for auto workers after years of wage stagnation and the 2008 financial crisis.

"We sincerely believe that our strike drained GM of every penny," Shawn Fain, chairman of UAW, said in a video speech. "they underestimated us. They underestimated you."

The union officially suspended the strike against the Big three in Detroit. UAW local leaders will arrive in Detroit on Friday to consider a deal with GM and then propose terms to all union workers for approval.

Mary Barra, GM's chief executive, said: "We look forward to putting everyone back to work in all business units."

GM offers roughly the same pay rise as the other two automakers: veterans' salaries will rise by 33% and retirees will be paid $2500 in five installments by 2028 (CTOnews.com Note: currently about 18300 yuan).

At the same time, the wages of some workers in GM's parts business will rise by as much as 89%. The contract also limits the use of low-paid temporary workers. "We have closed the door to GM's cheap temporary workers," Mr Finn said. "

Sources say pension benefits are a sticking point in UAW's negotiations with GM, which has more retirees than Ford and Stellantis.

Finn said the union strike on Saturday at an important GM engine plant in Springhill, Tennessee, "dealt a fatal blow to the deal."

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