GM, UAW deal details include $8K signing bonus

We have a deal - UAW leaders approve a contract with General Motors.

Next up, the voting process will start, as the tentative agreement goes to GM's employees.

United Auto Workers President Dennis Williams emerged from Wednesday's meeting confirming the tentative deal. What does he like about the deal? It begins with the signing bonus GM agreed to.

"All traditional members will receive an $8,000 lump sum signing bonus," Williams said.

One UAW goal was to keep GM employee profit sharing plans in place.

Union Vice President Cindy Estrada also spoke to the media following the tentative agreement.

"Members have received on average more than $30,000 each in profit sharing," she said. "The tentative agreement preserves this formula which is based on 1,000 per $1 billion of GM's North American profits.

The union says they also succeeded in having GM offer raises.

"The tentative agreement secures significant wage increases for the traditional members," Williams said. "Including 2 to 3 percent general wage increases and 2 to 4 percent lump sums."

Williams said the deal, if ratified will reward employees who worked through the GM bankruptcy.

"You have to recognize the fact that they went through 2007, 2009 bankruptcy," he said. "They stuck with the company. They deserve something."

When Fiat-Chrysler got to this point, their employees turned the package down the first time, before approving a second deal.

Williams says he does see that happening this time around. The voting packages roll out Thursday and Friday for GM employees and the locals will decide when they will vote. It is expected to happen soon.

Up Next:

  • Popular

  • Recent

Stories you may be interested in - includes Advertiser Stories