GM Raises Offer To UAW Ahead Of Union Boss' Bargaining Update

United Auto Workers boss Shawn Fain will update members about ongoing labor contract negotiations with Detroit's three automakers on a regularly scheduled Facebook Live event around 1600 ET. 

Ahead of Fain's update, AP News reports General Motors released a statement detailing how it made "substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work." 

GM said the offer increases pay to around $40.39 per hour, or about $84,000 by the end of the four-year labor contract. From current levels, that's a 23% pay hike from $32.32 per hour. Compounded annually, it's 25%.

"It is time for us to finish this process, get our team members back to work and get on with the business of making GM the company that will win and provide great jobs in the U.S. for our people for decades to come," GM said.

UAW told AP that Fain's update comes after a "week of intensive negotiations" with GM. He's expected to speak at 1600 ET. 

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Across six vehicle assembly plants and 38 parts distribution warehouses of GM, Ford, and Stellantis plants, UAW has more than 34,000 workers on strike.