Overnight, GM and the UAW came to a tentative deal in the contract negotiations that had them striking since Monday at 11am. All second shift workers are to report today.
As part of the negotiations, the UAW will take over nearly $50 Billion in health care obligations for GM retirees.
This is an amazing development and GREAT news for Corvette owners, future owners, and Michigan and America in general.
GM released a statement this morning to dealers, you can find it by clicking through the link below.
General Motors and the UAW have reached a tentative agreement on a new national labor contract, covering approximately 74,000 represented employees. The agreement, subject to member ratification, paves the way for GM to significantly improve its manufacturing competitiveness, providing the basis for maintaining and strengthening its core manufacturing base in the United States.
The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts, and satisfactory review of accounting treatment with the Securities and Exchange Commission.
This was a very difficult and complex set of negotiations for GM and the UAW. I want to thank all the GM negotiating team members and support staff for their dedicated work on this new agreement. I also want to commend the UAW bargaining team for their professionalism in these negotiations.
The next step involves UAW leaders traveling to the plants to explain the new contract and seek ratification. We will communicate the final outcome.
Thanks for your support.
GMNA Vice President – Labor Relations