Even though a final agreement is yet to be announced, Reuters is reporting that the automaker and the union have agreed to terms on most issues but were finalizing the wording on some matters, according to some people who asked not to be identified as the talks were ongoing.
The deal was hammered out on Wednesday morning, with General Motors Chief Executive Mary Barra and President Mark Reuss taking part in the contract talks, But even if the final agreement is announced today, it will still take another week or so before workers return to their jobs.
Barra had met with UAW President Gary Jones and the union’s lead GM negotiator, Terry Dittes, last week in an effort to end the strike after the union had requested her involvement, according to The Hill.
The UAW had already scheduled a meeting for Thursday morning to update local union representatives on the status of the talks, so local union leaders will be the first to get the details on the contract talks.
About 49,000 GM workers walked off their jobs on September 16 after talks over a new contract broke down. In a letter to union members, UAW Vice President Terry Dittes said there remained “many outstanding issues” that negotiators still need to reconcile, including “differences between the parties on wages, health care benefits, temporary employees, job security and profit-sharing.”
GM’s new offer this weekend said the company would raise its ratification bonus from $1,000 to $9,000, provide raises and payments to workers in the four-year contract, make temporary workers permanent after three years and award the newly permanent hires with $3,000, according to CNN.
Ending the strike should be good news for General Motors’ stock, which has lagged behind the market since the strike began. GM shares have dropped almost 7 percent in the past month, while the Dow-Jones average has remained flat, according to Barrons.
