Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

GM union workers ratify UAW deal following contentious vote

by November 18, 2023
November 18, 2023
GM union workers ratify UAW deal following contentious vote

DETROIT — General Motors union workers ratified a record deal with the United Auto Workers after a contentious final few days of voting, according to results posted Thursday morning by the union.

Much like the negotiations themselves, voting was not as smooth as many thought it would be. A majority of the Detroit automaker’s large assembly plants rejected the pact, however it wasn’t enough to offset support at smaller facilities and a handful of other assembly plants.

Ratification of the deal came under doubt Wednesday morning, after seven of GM’s 11 U.S. assembly plants rejected the pact. But a swing in voting results in favor of the deal, specifically at a SUV plant in Texas, gave the agreement a much needed lifeline.

According to the UAW’s vote tracker, the deal was supported by 54.7% of the nearly 36,000 autoworkers at GM who voted. The vote total was 19,683 in support versus 16,275 against — a margin of 3,409 votes.

Both the UAW and GM declined to comment on the results until they’ve been finalized.

Voting on similar contracts at Ford Motor and Chrysler-parent Stellantis is ongoing, with support of roughly 67% of unionized workers at each automaker who voted as of Thursday morning, according to the union. Barring any major shifts or swing in turnouts, those deals are likely to pass.

GM’s voting was closer, in part, due to the demographics of the company’s workforce. The automaker has the highest number of traditional workers on a percentage basis compared to its crosstown rivals. Such workers have voiced disapproval for the wage increases granted to them by the deals, compared to those offered to newer hires. They were also dissatisfied with pension contributions and retirement benefits.

For the union and UAW President Shawn Fain, the deals represent significant economic gains. They include 25% pay increases; a path to secure future jobs for union ranks such as battery plants; and a springboard for organizing efforts at other non-union automakers operating in the U.S. — a main goal of Fain moving forward.

For the companies as well as their investors, the contracts represent the top-end of forecasted increases in labor costs. While the automakers several times called foul on the union’s tactics, including six weeks of targeted strikes, they should be able to stomach the cost increases. That’s not to say they won’t be seeking offsets to the increases elsewhere in the forms of future investments, restructuring and other means.

Ford CFO John Lawler last month said the UAW deal, if ratified by members, would add $850 to $900 in costs per vehicle assembled. He said Ford will work to “find productivity and efficiencies and cost reductions throughout the company” to offset the additional costs and deliver on previously announced profitability targets.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
What King Charles’ birthday celebrations tell us about his priorities
next post
Prodded everywhere to tip, Americans often say no

Related Posts

McDonald’s aims to open nearly 9,000 restaurants, add...

December 7, 2023

Thousands of schools are turning to apps to...

November 8, 2023

The FAFSA form error that would have limited...

January 25, 2024

Open seating no more? Southwest CEO says airline...

April 27, 2024

Biden administration to require advanced safety tech on...

April 30, 2024

CVS Health to no longer sell decongestants with...

October 22, 2023

Tesla cuts U.S. prices on its Model Y,...

April 21, 2024

Swiss bank will pay $122.9 million after helping...

December 5, 2023

Sam Bankman-Fried found guilty on all counts at...

November 4, 2023

T-Mobile to acquire most of U.S. Cellular in...

May 30, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved