General Motors and the United Auto Workers union are reportedly close to a deal. The deal would end a 30-day strike by the UAW’s membership and comes as GM CEO Mary Barra and President Mark Reuss reportedly joined the negotiation process earlier this week.
A report by Reuters states the two parties had reached an agreement on most of the large issues by Tuesday night, but were still ironing out some of the language. Sources close to the negotiations say to anticipate a deal announcement as early as today.
GM and the UAW have declined to comment on the matter.
Earlier this week local union reps from across the country traveled to Detroit to join the negotiations. The UAW has scheduled an update meeting with the local reps on Thursday, which could be an additional clue that a deal is imminent.
A few details of GM’s proposed offer leaked out over the weekend. GM appears to have increased the union members’ ratification bonus from $1,000 to $9,000. The automaker is also agreeing to 3 percent raises in the second and fourth years of the contract, along with 3 percent and 4 percent lump sum payments in the same years. Lastly, GM appears to have agreed to make temporary workers permanent after 3 years of service.
Other sticking points for the union, such as health care and future product commitments, have not been disclosed thus far.
The current strike commenced back on Sept. 16th when over 48,000 UAW members walked off the job. The strike has reportedly cost GM about $450 million per week, while the union’s bill is coming in at $12 million a week since it is having to pay its members.