© Reuters. FILE PHOTO: A United Auto Workers On Strike sign is seen outside the Ford Michigan Assembly Plant in Wayne, Michigan U.S. October 25, 2023. REUTERS/Rebecca Cook/File Photo
(Reuters) -The United Auto Workers (UAW) reached a tentative agreement with General Motors (NYSE:) on Monday, the latest in a series of hard-fought deals with the Detroit Three automakers that will help its members win record pay hikes following six weeks of a coordinated strike.
The union reached similar deals with Ford Motor (NYSE:) and Chrysler-owner Stellantis (NYSE:) over the last few days, in what amounts to significant victories for auto workers after years of stagnant wages and painful concessions made by the union following the 2008 financial crisis.
Following are some of the terms highlighted by UAW leaders:
* The agreement grants 25% in base wage increases through April 2028 and will cumulatively raise the top wage by 33% compounded with estimated cost-of-living adjustments to over $42 an hour
* The starting wage will increase by 70% compounded with estimated cost-of-living adjustments to over $30 an hour
* Deal brings two groups into the UAW GM Master Agreement at Ultium Cells and GM Subsystems LLC
* GM has agreed to make five payments of $500 to current retirees and surviving spouses
* Improves retirement for current retirees, those workers with pensions, and those who have 401(k) plans
* Agreement reinstates benefits lost during the Great Recession, including cost-of-living allowances, a three-year wage progression and ends wage tiers in the union
* Right to strike over plant closures
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