The United Auto Workers union said on Tuesday it rejected a new comprehensive of...
- The United Auto Workers union said on Tuesday it rejected a new comprehensive offer from General Motors Co to end a two-week-old strike, saying the automaker came up short on several fronts including wages, healthcare and temporary workers.
About 48,000 UAW members went on strike on Sept. 16 seeking higher pay, greater job security, a bigger share of the leading U.S. automaker’s profit and protection of healthcare benefits. The statements on “comprehensive proposals” indicate the talks have shifted into a higher gear as the dispute is taking a toll on both the automaker and striking UAW workers, whose $250 a week from the union strike fund is a fraction of their normal pay. Analysts estimate the strike could cost GM over $1 billion.
JP Morgan auto analyst Ryan Brinkman estimated in a research note that the strike has cost GM over $1 billion but it may be able to recover some lost profit in the fourth quarter. He said GM has $82 million a day in lost profit.
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