GM Matches Ford’s 23% Wage Hike Offer to Striking Auto Workers – Latest Update on Negotiations

General Motors (GM) has raised its offer to striking auto workers, matching Ford’s proposed 23% wage hike and other benefit improvements. The move came just hours before union chief Shawn Fain was scheduled to speak on negotiations. Stellantis, the parent company of Chrysler, is also reportedly raising its wage offer to 23%, matching GM and Ford. The walkouts by more than 34,000 union members at the three automakers have been ongoing since September 15. GM’s latest offer, if accepted, would raise the hourly pay for United Auto Workers (UAW) members by around 30% over the life of the deal. Ford and Stellantis have previously stated that they are at the limit of what they can pay and remain competitive. The UAW opened bargaining with a demand for a 40% wage hike and other benefits. The progress in talks suggests that an end to the strike may be in sight. GM’s offer represents a 25% compounded wage rise over the life of the agreement, with a 10% hike in the first year. Additionally, the offer includes a 23% general wage increase and a pay raise for temporary workers. The strike has resulted in significant economic losses for the automakers and the U.S. economy, with total losses reaching $7.7 billion, according to economic consultancy Anderson Economic Group.