UAW wins back Obama-era concessions from financial crisis, as strike nears end

The United Auto Workers (UAW) union has won back several concessions it made to three major automakers in the wake of the 2007-2008 financial crisis, after reaching tentative agreements with all three major U.S. automakers.

General Motors was the last of the three to reach a deal with the union Monday, agreeing to largely the same terms that Ford and Stellantis accepted Wednesday and Saturday.

The tentative agreements, which still must be ratified by UAW members, would provide a 25 percent general wage increase over the life of the 4.5 year contract, including an immediate 11 percent raise. 

Notably, the agreements would also walk back key concessions the union made during the financial crisis more than 10 years ago, reinstating cost-of-living adjustments and more rapid progressions to top wage rates and eliminating the two-tiered wage system.