On Wednesday, the United Auto Workers union overwhelmingly voted to ratify a new collective bargaining agreement with General Motors (NYSE:GM).
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The four-year contract will include profit sharing rather than a pay raise, and add thousands of new jobs. Employees will receive a minimum of $6,500 from signing bonuses, profit-sharing checks, and other payments over the next four years, with entry-level workers seeing hourly raises of 22%. GM will add a minimum of 5,100 jobs and will reopen its assembly plant in Spring Hill, Tennessee.
GM’s stock started the day higher, but forfeited gains in the afternoon as the markets headed lower. GM is down 3.59% to $20.43 a share. Shares are down 44.52% this year to date. The stock has traded in a 52-week range between $19.77 and $39.48.