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GM strike affects about 150,000 auto industry workers: consulting firm

GM strike affects about 150,000 auto industry workers: consulting firm

8/10/2019 11:43:00 PM

GM strike affects about 150,000 auto industry workers: consulting firm

The prolonged strike at General Motors Co is estimated to have hit as many as 150,000 workers in the auto industry, a report from research and ...

BookmarkREUTERS: The prolonged strike at General Motors Co is estimated to have hit as many as 150,000 workers in the auto industry, a report from research and consulting firm Anderson Economic Group (AEG) showed on Tuesday.The strike at the No. 1 U.S. carmaker began on Sept. 16, with its 48,000 members of the United Auto Workers (UAW) union seeking higher pay, greater job security, a bigger share of the automaker's profit and protection of healthcare benefits.

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AdvertisementAdvertisementAbout 75,000 employees of auto parts suppliers have either been temporarily laid off or have seen their wages shrink due to the slump in demand from GM, according to the AEG report.The report's total, for the number of workers impacted by the strike, includes about 25,000 GM salaried workers affected by the plant shutdowns.

About 5,000 workers at Michigan auto suppliers have filed for unemployment benefits as a result of the strike, the state's Unemployment Insurance Agency said Tuesday.The research firm estimates that the strike has resulted in a US$660 million profit hit for GM and more than US$412 million in direct wage losses for all employees through the third week of the strike.

AdvertisementAdvertisementGM's share price dropped by 2.5per cent on Tuesday as broader indexes fell. GM's share price has lost 9per cent since the strike began, slicing more than US$4 billion from the automaker's market value.The stoppage has also led to US$155 million in lost federal income and payroll tax revenue and US$9.1 million in lost Michigan income tax revenue.

Talks for a new four-year labor contract took a"turn for the worse" on Sunday after the UAW rejected GM's latest offer but the two sides were still talking."We continue to meet with the Company and are still not in agreement on key issues such as wages and healthcare", UAW Vice President and Director Terry Dittes said.

Channel NewsAsia - Sentifi topic widget(Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Anil D'Silva and Tom Brown) Read more: CNA »

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