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Yahoo BusinessOct 16, 2019
GM's Tentative Deal With UAW Paves Way for Crucial Strike Vote
(Bloomberg) -- General Motors Co. and the United Auto Workers reached a tentative agreement on a new contract, clearing the way for a union vote Thursday on whether to continue a more than month-long strike.The accord, announced by the UAW on Wednesday, may bring an end to the union's first national walkout against the carmaker in a dozen years. It includes $9 billion in investment in U.S. plants, signing bonuses exceeding the $8,000 workers got four years ago, and annual pay raises and lump-sum bonuses over the life of the contract, people familiar with the matter said."The number one priority of the national negotiation team has been to secure a strong and fair contract that our members deserve," UAW Vice President Terry Dittes said in a statement. He said the union's bargaining committee recommends that the GM National Council -- comprised of presidents and chairmen of locals around the country -- vote in favor of putting the deal up for a ratification vote.GM confirmed a tentative agreement had been reached, but neither the company nor the union provided details on what's included in the deal. GM shares rose as much as 2.6% to $37.22, the highest intraday in two weeks.The stakes were rising for both sides as the strike entered a fifth week, costing GM billions, forcing workers to live on $275 a week and denting the economy in Michigan and the Midwest. Analysts at Bank of America Merrill Lynch estimate the strike has cost GM about $2 billion of earnings, and its striking workers may have lost $2,000 of
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