{"id":81038,"date":"2023-11-05T20:37:57","date_gmt":"2023-11-06T01:37:57","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/uaw-says-gm-outlines-ev-investment-plans-will-raise-wages-for-us-workers\/"},"modified":"2023-11-05T20:38:00","modified_gmt":"2023-11-06T01:38:00","slug":"uaw-says-gm-outlines-ev-investment-plans-will-raise-wages-for-us-workers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81038","title":{"rendered":"UAW says GM outlines EV investment plans, will raise wages for US workers"},"content":{"rendered":"<div id=\"\">\n<p>&#8220;We won this round,&#8221; UAW President Shawn Fain said in a video address on Saturday. &#8220;This contract will change thousands of lives overnight.&#8221; <\/p>\n<p>Now that preliminary approvals for all three contracts are done, UAW leaders will spend the next two weeks working to win &#8220;yes&#8221; votes from rank-and-file union members at the Detroit Three. <\/p>\n<p>The main economic provisions of the agreement follow the pattern set at Ford (NYSE:) and Chrysler parent Stellantis (NYSE:), providing 25% base wage increases for full-time workers, which could total as much as 33% including newly negotiated cost-of-living allowances.<\/p>\n<p>Temporary workers will have a faster path to full-time status and could see wages rise by about 50% immediately. Temporary workers who convert to full-time status could more than double their hourly pay over the life of the agreement, the UAW said.<\/p>\n<p>The GM agreement will move more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls &#8220;subsystems&#8221; operations up to the higher wage levels paid to assembly plant workers. <\/p>\n<p>The new contract would largely unwind a strategy the automaker has used for years to hold down labor costs, UAW officials have said.<\/p>\n<p>&#8220;This contract has wage increases and economic gains like nothing we&#8217;ve ever seen before,&#8221; UAW Vice President Mike Booth said. &#8220;The gains in this contract are worth more than four times the last contract.&#8221;<\/p>\n<p>Under the deal, starting base wage for full-time members will increase over the life of the contract by about 70% to $30.60 an hour, and by about 33% to $42.95 an hour for top wage earners, Fain said.<\/p>\n<p>The progression by workers to the top wage will be cut to three years from eight years, he said.<\/p>\n<p>Fain also said workers at GM&#8217;s Ultium EV battery operations also be covered under the master agreement. Some former GM workers at the company&#8217;s old Lordstown, Ohio, assembly plant also can apply for jobs at Ultium at current wages, and new hires will make at least 75% of the maximum wage rate, he said.<\/p>\n<p>In addition to the pay increases, the UAW said GM has agreed to invest $4 billion at its Orion, Michigan, plant for future EVs, and $2 billion at the plant in Spring Hill, Tennessee, for two GM EV models and a future partner EV. The union also said a future electric full-size SUV would be built at Factory Zero in Detroit.<\/p>\n<p>Fain also called on workers across the U.S. to organize.<\/p>\n<p>&#8220;Auto workers at <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Toyota <\/span><\/span> (NYSE:), <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Honda <\/span><\/span> (NYSE:), Volkswagen (ETR:), Hyundai (OTC:) and Tesla (NASDAQ:), they deserve record contracts too,&#8221; he said, referring to future planned organizing efforts.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/uaw-says-gm-outlines-ev-investment-plans-will-raise-wages-for-us-workers-3222209\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;We won this round,&#8221; UAW President Shawn Fain said in a video address on Saturday. &#8220;This contract will change thousands of lives overnight.&#8221; Now that preliminary approvals for all three contracts are done, UAW leaders will spend the next two weeks working to win &#8220;yes&#8221; votes from rank-and-file union members at the Detroit Three. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-81038","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UAW says GM outlines EV investment plans, will raise wages for US workers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"&quot;We won this round,&quot; UAW President Shawn Fain said in a video address on Saturday. &quot;This contract will change thousands of lives overnight.&quot; Now that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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