GM to pay out lump sum, signing bonuses to UAW members next week
(10/29/2019) - Thousands of United Auto Workers members will get their hands on the signing bonus and lump sum payments from General Motors next week.
The automaker is planning to pay out the $11,000 signing bonus for full-time employees and $4,500 bonus for temporary employees, along with a lump sum payment totaling 4% of each worker's annual pay, on Nov. 8, according to the Detroit Free Press.
The signing bonuses and lump sum payment are guaranteed in the contract that UAW members ratified with GM last Friday. The amounts are before taxes and union dues.
The lump sum payout is part of the wage gains included in the new contract. Eligible workers will get 4% for the first and third years, along with 3% pay raises in the second and fourth years.
The Anderson Economic Group estimates the six-week strike cost individual workers between $6,000 and $9,000 in lost wages.