: GM makes ‘record offer’ to autoworkers ahead of UAW update

by | Oct 20, 2023 | Stock Market

General Motors Co. said Friday it has made a new, “record” proposal to its auto workers, reinstating cost-of-living adjustments and offering compounded raises of about 25% over four years. GM’s
offer comes as the United Auto Workers strike entered its second month, and a little over a week after the union called for a strike at Ford Motor Co.’s
Kentucky truck plant, which Ford has called its most profitable plant in the world.

The UAW said earlier Friday union president Shawn Fain will update the membership at 4 p.m. Eastern, after a week of “intensive negotiations with the Big Three.” In past updates, Fain called for workers at additional Big Three plants to join the strike. Auto workers started the strike the four-year contract’s expiration on Sept. 14, walking out at plants of GM, Ford, and Stellantis NV
The union has expanded the labor action to more facilities as the weeks went by. Striking at all Big Three at once was a departure from the long-standing tradition striking at one car company at a time, to save picket-line firepower and the strike fund.

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