Under the deal, GM committed to spending $8.3 billion on upgrades to 12 plants over the next four years. It will also offer up to $60,000 in bonus money to eligible UAW employees who retire next Spring. The buyouts are to offset the union’s first significant wage increases in a decade and an $8,000 signing bonus to persuade workers to support the package.
Workers at local unions could begin voting as early as Friday, with a final result possible by late next week.
“We secured better pay, a clear path to traditional wages for all current members and commitments to keeping jobs and product here,” UAW President Dennis Williams said in a statement.
The GM Assembly Plant in Arlington will get a chunk of the upgrade money. GM is earmarking $1.4 billion to expand the plant where it produces large SUVs. It will also put $1.2 billion into a new paint shop at GM’s full-size pickup plant in Fort Wayne, Indiana.
You can find all of the tentative details on the UAW website. The deal is similar to the one the union ratified with Fiat Chrysler last week.
“There’s an important balance. While this process has required patience we are all stronger for it.” said UAW President Dennis Williams at a press conference Wednesday with Cindy Estrada, vice president of the UAW’s GM department. “Upon ratification all members will receive an $8,000 lump sum signing bonus.”
By the way, the $8,000 ratification signing bonus is a step up from the $5,000 that GM workers collected for signing their last contract, in 2011.
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