Automobile major General Motors (GM) has struck a tentative deal with United Auto Workers – the umbrella group representing industry workers across the United States – to end their strike, Bloomberg reported on October 30, citing sources.
GM, in its deal, has offered workers a 25 percent raise in hourly pay, the persons aware of the developments told the news agency.
The company also assured the grant of cost-of-living allowances to workers with over "more-than-four-year contract", the report said, citing the anonymous sources privy to the discussions.
The UAW was yet to issue a statement to formally call the end of their six-week agitation. GM did not immediately respond to the reports of reaching a tentative deal with the workers' body.
The agreement is tentative for now, and would require the approval of GM's union members to come into effect, the report added.
After the news was reported, the shares of GM spiked by 3.9 percent in the American markets before paring gains in the pre-market trading session.
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The development also comes in the aftermath of UAW escalating its stir, as it called for another strike at GM's plants in Spring Hill, Tennessee on October 28.
Notably, the workers' group had initiated the strike against the three top automobile manufacturers – GM, Ford and Stellantis NV – on September 15. In their agitation, they targeted eight assembly plants and 28 parts-distribution facilities by abandoning work at those premises.
The strikes called at Ford and Stellantis NV were called off earlier, after both the companies reached a tentative deal with UAW.
Under the UAW-Ford contract, workers may receive up to $70,000 in additional pay over the contract's 4-1/2-year duration. The top hourly wage for workers, as per the tentative agreement, is set to rise to $42.60 by 2028, which includes the estimated cost of living allowances.
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