United Auto Workers President Shawn Fain is expected to update members Friday afternoon on progress in contract talks with Detroit's three automakers as General Motors increased its offer to the union.
In a prepared statement, GM said it made an offer Friday with "substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work."The company says the offer raises pay for most of the work force to $40.39 per hour, or about $84,000 per year by the end of a four-year contract. That's a 23% increase over the $32.32 per hour that most factory workers make. Compounded annually it's 25%.
Stephen McCray, one of the striking GM workers at a factory in Wentzville, Missouri near St. Louis, said the company's latest offer seems to be good, but he is suspicious that GM will wait a year to give cost of living increases. "That moves them closer, and I think that it may not take much from that point" to reach a deal, he said.
Last week, before GM agreed to the battery plant provisions, the union had threatened to close a GM factory in Arlington, Texas, which makes highly profitable large SUVs. Johnson went on to say that during the past decade, GM had net income of $65 billion but invested $77 billion in the business. "If we don't have those profits to continue our investments in our plants, our people and our products, we will be facing declining market share, an inability to fund the EV transition, and an inability to compete with a growing number of competitors right here in America," Johnson said.
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