General Motors, United Auto Workers | featured news

General Motors Co. and the United Auto Workers have reached an agreement on a new contract....

General Motors and the United Auto Workers union are in the "final stage" of negotiations on a new labor contract and a deal could be struck as soon as Friday.

General Motors is planning to pay its hourly workers in the U.S. at least $3,000 each under a profit-sharing provision in its UAW contract.

G.M. said Wednesday that it had positive cash flow of $1 billion in the six months after it emerged from bankruptcy protection last July, but that it lost $4.3 billion in that period, mostly because of the cost of settling with the United Auto Workers union over retiree health benefits, one of the burdens that helped bring the company to its knees.

If union members accept the deal, Ford will gain some of the benefits that General Motors and Chrysler needed bankruptcy reorganization to achieve.

The United Auto Workers union expects a crucial round of restructuring talks with General Motors Corp "to intensify this coming week" ahead of an end-of-May deadline set by the Obama administration.

More on Auto Bailout DETROIT — General Motors Corp. and the United Auto Workers were getting close to an agreement on concessions, a person briefed on the negotiations said Tuesday, just hours before GM and Chrysler LLC must submit a restructuring plan to the Treasury Department to justify its federal loans.

Details of the deal were not available. Negotiations went all night Monday and into Tuesday, said the person, who spoke on condition of anonymity because the plan has yet to be submitted.

Talks between the United Auto Workers and General Motors Corp central to a turnaround plan for the struggling automaker have broken down over the issue of retiree healthcare costs, a person briefed on the talks said on Saturday.