United Auto Workers (UAW) outlined the terms of its tentative agreement with automaker General Motors (GM) Saturday and the tentative deal is expected to end the the union's seven-week strike.

UAW has negotiated a 25% wage increase over the life of the contract, which runs to September 2027, according to UAW President Shawn Fain and Vice President Mike Booth who addressed union members during livestream on Saturday. Wages will increase 11% upon the ratification of🌜 the deal.

The labor union lea𒈔ders stressed that one of the key goals of the strike was to end tiered wage levels in the auto industry and some lower-level tiered workers will get an immediate 79% increase.

GM was the last holdout of the Big Three automakers that the UAW was on strike against and this deal will end a seven-week strike after similar deals with 澳洲幸运5开奖号码历史查询:Stellantis and Ford (F) were reached in recent days. Fain said hitting the automakers where it hℱurts meant "the impossible became possible."

The deal with GM was the most important due since the automaker "closed twice the number of plants," than the other two companies over the last 20 years, the union leadership said.

The economic loss from the strike action is estimated to be more than 澳洲幸运5开奖号码历史查询:$9.3 billion at the six-week mark, with GM saying it was losing 澳洲幸运5开奖号码历史查询:$200 million per week.

Former industry executive Bob Lutz has worked for each of the Big Three and he criticized the UAW, telling the Cats Roundtable podcast that in previous negotiations the union was realistic about the automakers' needs to stay competitive.

"I think a lot of what had to be given back was exactly the same things that caused the American automobile industry to be in big trouble in ‘08,” he added.

However, Fain called out his comments saying the deals were a win for working-class employees who have been "left behind."