The United Auto Workers union is close to reaching labor agreements with General Motors and Stellantis, according to three sources familiar with the negotiations. If deals are reached with both automakers, it would mark the beginning of the end of the longest auto strike in the US in 25 years. Currently, there are approximately 29,000 UAW members on strike at GM and Stellantis. The union has been on strike against all three companies since September 15, but recently reached a tentative agreement with Ford. Negotiations between the union and both GM and Stellantis have been ongoing, with talks continuing throughout the night. The union plans to begin the ratification process for all three companies if deals are reached by Friday. The agreement with Ford includes an immediate 11% raise upon ratification and additional pay increases, ultimately totaling a 25% wage hike by 2028. The union has also secured improved pension benefits and increased company contributions to 401(k) accounts. The strike has caused significant losses for GM and Stellantis, with estimates suggesting weekly losses of $130 million and $110 million, respectively. The union is pressuring GM and Stellantis to reach agreements quickly by having workers return to work at Ford while the ratification vote is conducted.
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