Warning Cookies are used on this site to provide the best user experience. If you continue, we assume that you agree to receive cookies from this site. OK

UAW closing in on deals with both GM and Stellantis

today 10/27/2023
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.
Stay Connected
Subscribe to our newsletter and receive information about new articles, exclusive discounts and more
Or subscribe to our Telegram to always stay up to date with our news.

Recent posts

02/27/2024

41 locations of Outback Steakhouse, Carrabba'€™s Italian Grill, Bonefish Grill and Fleming'€™s to close

In a 2021 photo, an Outback Steakhouse restaurant is shown. Bloomin' Brands, the parent company of Outback Steakhouse, recently closed 41 underperforming locations across the US, including Outback Steakhouses, Carrabba's Italian Grill, Bonefish Grill, and Fleming's. The closures were due to factors such as declining sales, reduced customer traffic, and costly investments needed to improve the older assets. Despite the closures, Outback Steakhouse plans to open 18 new restaurants in the US this year with a redesigned layout. The company stated that the closures were a business decision and that affected employees may have the opportunity to transfer to other locations or receive severance. Overall, Bloomin' Brands aims to open up to 45 new restaurants across its brands in the upcoming year.
02/27/2024

Albert Einstein College of Medicine to offer free tuition after billion-dollar gift

The Albert Einstein College of Medicine recently received a record-breaking charitable donation from former faculty member Dr. Ruth Gottesman, resulting in free tuition for students at the school. The $1 billion donation was made in honor of her late husband, who was a successful investor and philanthropist. This historic gift is the largest ever received by a medical school in the United States and is intended to attract talented and diverse students who may not have otherwise been able to afford a medical education. The donation will have a significant impact on reducing the financial burden of medical school debt for future generations of healthcare leaders.
02/26/2024

Zong Qinghou, the Chinese beverage billionaire who took on Danone and won, dies

Zong Qinghou, the founder of China's Hangzhou Wahaha Group, passed away on Sunday at the age of 79. Known for his rags-to-riches story, Zong built his beverage empire from humble beginnings to become one of China's wealthiest individuals. Despite his success, Zong maintained a frugal lifestyle and was admired for his hard work ethic. His death was mourned across China, with condolences pouring in from prominent figures in the business world. Zong's rise symbolized the entrepreneurial spirit that fueled China's economic growth in the post-Mao era. Born into poverty during wartime, Zong overcame numerous challenges to build his company, eventually leading to a successful battle for control against Danone. His legacy as a self-made billionaire and national hero will be remembered in China.
02/26/2024

Harvard antisemitism official abruptly resigns from new task force

Harvard University in Cambridge, Massachusetts, on December 12, 2023. Brian Snyder/Reuters New York CNN — The co-chair of a newly established task force dedicated to combating antisemitism at Harvard University has resigned after just a month in the position. Harvard Business School professor Raffaella Sadun's sudden departure, announced on Sunday, is a setback for the university's efforts to address antisemitism. Harvard's interim president, Alan Garber, has appointed a new co-chair for the task force as Sadun has decided to focus on her research, teaching, and administrative responsibilities at the Business School. Despite her resignation, Sadun's contributions to shaping the task force's goals have been acknowledged by Garber and she has expressed gratitude for the opportunity to combat antisemitism at Harvard. The reasons for her quick departure are unclear. Harvard is facing scrutiny from various parties, with Jewish alumni conducting an audit to identify instances of antisemitism at the university. This audit was reported by the Boston Globe and follows the resignation of Rabbi David Wolpe from a separate Antisemitism Advisory Group. The presidential task force on antisemitism, formed just over a month ago, has faced controversy over the selection of co-chair Derek Penslar, but he remains on the task force. The task force's membership includes students, professors, and administrators, with a separate task force also established to address anti-Muslim and anti-Arab bias at Harvard. The university is under investigation by a congressional committee and the Department of Education for allegations of discrimination and hate speech on campus.