The strike at General Motors’ U.S. plants should have very little staying power, simply because the two sides are far too close to a deal for it to be worth continuing for long, writes AntonyMCurrie.
Shares in General Motors were down around 5% at 2:21 p.m. New York time on Sept. 16 after the United Auto Workers voted a day earlier for the 48,000 or so union members who work at the carmaker to go on strike. Negotiations continued on Sept. 16 as employees manned picket lines.
It is the first time the UAW has called on GM members to down tools since 2007. The decision was taken after the union’s previous contract had run out without a deal being struck. The UAW wants GM to reverse a decision to close a factory in Ohio and another in Detroit, as well as a plan to increase members’ contribution to healthcare costs. The union also wants a bigger share of profit, more job security and a path to temporary workers getting permanent positions.
In a statement General Motors said it had on Sept. 14 offered to invest more than $7 billion in U.S. factories, create 5,400 new jobs, improve profit sharing, award wage or lump-sum increases in each of the four years the deal lasts, and make an $8,000 payment to each UAW member once a deal is ratified.
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