One of the lynchpins of General Motors’ long-term viability plan is further concessions from the UAW, and it appears as though the two sides are nearing an agreement. GM must submit its viability plan to the U.S. government in just a few hours.
A source close to the situation told the Associated Press that GM and the UAW are close to reaching an agreement involving further union concessions. However, the details of that proposed agreement are not yet available.
According to the source, GM and the UAW have been at the bargaining table for the last few days, with Monday’s negotiations trickling into Tuesday morning. It remains unclear exactly what is on the bargaining table for the UAW, but the latest round of concessions will likely focus on cost cuts from things like work rules rather than from wages.
GM has already received $13.4 billion in government aid, but could be forced to immediately repay that debt if its viability plan is rejected. GM is scheduled to hold a press conference at 6:30 pm to discuss its turnaround plan.
