General Motors latest offer includes 25% compounded wage increase, COLA reinstatement
(FOX 2) - General Motors' latest offer to the UAW includes a 25% compounded wage increase, improved reinstatement of cost-of-living adjustments, and a ratification bonus for all employees.
The offer comes following GM's earlier inclusion of its future battery plants in the UAW's national master agreement that staved off an escalation of strike targets. The offer was made public just hours before the UAW president was expected to give an update on negotiations.
The offer, posted to GM's website on Friday, included offers on several components of negotiations, ranging from wages and COLA, to improvements for a faster path to top pay rates for temporary workers and an increase in retirement pensions.
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The details of the offer for most employees include:
- 25% compounded wage increase. Workers can make up to $84,000 per year
- The reinstatement of COLA for seniority team members
- Ratification bonus for all employees
- $0 healthcare premiums and deductibles for seniority team members
- Five weeks of vacation, Juneteenth, and two weeks of paid parental leave
For temporary workers, the offer includes:
- Faster path to top pay
- Full-time temporary workers with one year of employment will be automatically converted to seniority at ratification.
- Wage increases by 26%
- Profit sharing for temporary workers who have worked at least 1,000 hours
Retirement security:
- Company contributions increased 8% of annual wages
- Company contributions for healthcare during retirement up to $1.25 per hour worked
- An increase in the Basic Benefit Rate by 5%