GM and Union settle 31-day strike

Negotiators from General Motors and the United Auto Workers union have reached a tentative deal to end a 31-day strike by nearly 50,000 workers, according to CNN.

Details of the agreement were not immediately available. The deal was confirmed by Terry Dittes, the UAW's chief negotiator with GM.

The tentative agreement needs the approval of both union leadership and as the rank-and-file union members at GM before it can take effect.

The strike began on Sept 16, with about 48,000 hourly workers of the UAW union at GM seeking higher pay, greater job security, a bigger share of profit and protection of healthcare benefits. Other issues on the table included the fate of plants GM has indicated it may close, and the use of temporary workers.

After GM angered UAW negotiators last week by appealing directly to workers and revealing details of the Detroit automaker's latest offer, the sides have continued talking. The UAW made a counter offer to GM on Friday.

Details of GM's revised offer emerged over the weekend and included an increase of its proposed ratification bonus by $1,000 to $9,000. GM also proposed 3% pay raises in the second and fourth year of the four-year-contract and 3% and 4% lump sum payments in the first and fourth year respectively. It agreed to make temporary workers with three years of service permanent and give those workers a $3,000 ratification bonus.

The Center for Automotive Research in Michigan has estimated the strike's weekly costs to GM and the UAW strike fund at $450 million and $12 million, respectively.