🚗 General Motors (GM) proposed its most significant four-year wage hike in decades, aiming to prevent another expensive strike by its unionized workforce.
🤑 Despite being the largest wage increase under a UAW contract since 1999, it fell short of the union’s demands. GM’s offer included a 10% wage boost for most of its 46,000 UAW-represented workers, with newer employees eligible for up to a 56% rise over four years.
😒 UAW President Shawn Fain labeled the offer “insulting,” emphasizing the gap between GM’s proposal and the union’s demands, which included a 40% hourly pay rise and other significant changes. The clock ticked towards a potential strike as negotiations continued.