After a strike was called two days ago when approximately 74,000 employees walked out, GM and the UAW have announced a settlement.
According to GM’s press release: “The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts, and satisfactory review of accounting treatment with the Securities and Exchange Commission.”
“There’s no question this was one of the most complex and difficult bargaining sessions in the history of the GM/UAW relationship,” said Rick Wagoner, GM Chairman and CEO.
“I’d like to thank UAW President Ron Gettelfinger, UAW Vice President Cal Rapson and their bargaining team for their leadership and hard work in negotiating the agreement.”
This was the first national strike launched by the union against GM in 37 years.