Gm Tentative Agreement

Flint Assembly employee Tommy Wolikov said he was confident the proposed interim contract would be good, but that a key issue for him was to be able to ratify it if he guaranteed a new Mexican product. The agreement will include salary increases, a ratification bonus of at least $9,000, GM`s promises to create or maintain 9,000 jobs over the next four years, a way for temporary workers to become permanent, and other elements. Two sources familiar with the situation said the agreement followed the basic outlines of proposals that GM presented twice last month. It is expected to include at least $9 billion in new investments, the creation of 9,000 jobs, the maintenance of health insurance services without increased costs, ratification bonuses of $11,000, uncapped profit distributions, 3% increase in basic wages over two years and 4% lump sum premiums for the remaining two years of the proposed four-year contract. The five-week strike against General Motors appears to have been resolved, as confirmed today by UAW chief negotiator Terry Dittes. Union leaders from across the country will meet in Detroit on Thursday for a meeting that had already been announced earlier in the week. You must approve the agreement and then full-fledged union membership will vote. Details of what the new treaty might contain are not yet available. GM confirmed in a statement that the proposed interim agreement had been reached and that “additional details will be provided in due course.” The company`s shares closed up 1.1% on Wednesday, while major market indexes were down. GM shares have fallen nearly 6% since September 13 before the strike began. The proposed interim agreement will be discussed Thursday by the National Council, nearly 200 union leaders who meet in Detroit at 10.30 .m Thursday. If they agree, an interim agreement will be formally submitted to the ratification of GM staff represented by the UAW.

Plus: GM, UAW proposed to reach the provisional agreement; The strike continues UPDATE 17.10.19, 15.30 .m.: Automotive News reports this afternoon that the terms are being discussed in the proposed agreement. The UAW GM Council met today for most of the day, but has not yet made a recommendation for a vote on ratification. Under the terms of the interim agreement, the Hamtramck plant near Detroit, which currently employs about 800 people to build the Cadillac CT6 and Chevrolet Impala, would not close as planned and GM would build its future electric pick-up truck there; but the Lordstown assembly plant in Ohio, with transmission sites in Michigan and Maryland, would close permanently. GM made a statement to AN in which it said it would continue its battery production projects in Ohio and invest $9 billion in U.S. plants. Negotiators from both sides made progress over the weekend following a turbulent press war the previous week.

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