💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Canada's Unifor union ratifies two-year contract with General Motors

Published 09/22/2024, 03:43 PM
Updated 09/22/2024, 05:00 PM
© Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo
GM
-

(Reuters) -Unifor members at the CAMI Assembly and Battery Assembly plants in Ontario have ratified a two-year contract with General Motors (NYSE:GM) that achieves significant pay increases, the Canadian labor union said on Sunday.

Unifor Local 88 members voted 95.7% in favour to ratify the contract which will see workers' pay rise 10% immediately with a 2% increase in September 2025 and an additional 3% increase in July 2026.

The contract will also provide for a 20.25% wage increase for skilled trades, the union said in a statement.

The new two-year agreement is now set to expire on September 20, 2026, according to Unifor.

"For the first time Unifor has successfully negotiated a two-year contract term that will align CAMI members with the union's Detroit Three negotiations to combine the future bargaining power of more than 5,600 GM members," Unifor National President Lana Payne said.

© Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo

GM did not immediately respond to a Reuters request to comment.

Unifor Local 88 represents more than 1,300 members at the CAMI Assembly and Battery Assembly which manufacture the Chevrolet BrightDrop EV 600 and EV 400 and Ultium battery modules.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.