After forty days, the United Auto Workers on Monday reached a deal with General Motors tentatively ending the strike against all three. This is what the auto workers are getting: a 25% wage increase over the next 4.5 years, with 11% immediately coming once the deal is signed; a cost of living adjustment and boosts to retirement income, including 401(k) contributions.
New York State Comptroller Thomas P. DiNapoli issued the following statement regarding the tentative labor agreements between the UAW and the big three automakers.
“With the announcement of a tentative agreement at General Motors, the end of an historic strike by the United Auto Workers will come to a close. My congratulations to the United Auto Workers and Ford, General Motors and Stellantis for coming to terms that will secure the futures of autoworkers and set the stage for growth, innovation and prosperity at the three companies. I had the opportunity to walk the picket line with members of UAW Local 3039 in Tappan, N.Y. to learn about the issues facing them and the auto industry, and I wrote to the companies expressing my concerns over the economic and market impacts of the strike. As trustee of New York State Pension Fund, I am thankful that the equitable agreement everyone wanted has been reached. It will not only benefit auto companies and workers, but our state and nation as a whole.”
The bitter battle between the UAW and the Big Three cost the industry an estimated $9.3 billion dollars.
