Thomson Reuters remarks that the United Auto Workers (UAW) have recently cut it close to voting against the labor deal proposed by General Motors (GM) to end the workers' strike.
According to a Reuters article, "the UAW Local 598 said in a Facebook post on Thursday that 51.8% of the votes cast for the proposed GM labor deal were not in favor", said UAW Local 598. GM's shares fell 1.2% yesterday morning and reached a three-year low, at $26.30. With the Flint plant in Michigan holding 4,746 of GM's workers, UAW members' votes will have a significant impact on whether GM will experience rapid cost increases. Some of the company's largest plants, such as those in Texas and Indiana, have yet to vote on the proposed labor deal.
"The UAW member's votes which have been cast so far mark about 58% in favor of the labor deal proposed by GM", according to a Reuters article. Union workers for auto giants Stellantis and Ford Motors are also now voting for labor contracts. The agreement developed by UAW includes over 46,000 workers for GM and aims for a 25% base wage increase until Apr. 2028 which will eventually raise top wage earners' salary by 33%. Other auto companies are offering hikes and advantages due to these recent labor contracts resulting from auto workers' strikes.
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