GM explains latest offer to striking UAW workers

How GM strike is impacting one of the largest car dealers in the northeast

Flemington Car and Truck Country chairman Steve Kalafer speaks on the GM-UAW strike.

General Motors has made a new offer to the United Auto Workers union.

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The automaker said Friday morning that on Oct. 7 it presented an updated offer to the UAW, which would increase compensation and preserve health care benefits without raising out-of-pocket expenses. The offer also give workers enhanced profit-sharing with unlimited upside and improves their ratification bonus. Temporary workers would also receive a clear path to permanent employment.

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"We have advised the Union that it’s critical that we get back to producing quality vehicles for our customers," GM Executive Vice President Gerald Johnson wrote in a letter to employees.

"We are committed to the collective bargaining process, and we are committed to our future together. Our success depends on one another. Our offer builds on the winning formula we have all benefitted from over the past several years. We remain focused on building a stronger future for everyone."

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The UAW did not immediately respond to FOX Business' request for comment.

Friday's update comes after GM CEO Mary Barra earlier this week met with union president Gary Jones and vice president Terry Dittes in an effort to end the strike, which is now in its 26th day.

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Through Oct. 13, the strike will have erased $1.13 billion of GM profits, according to an analysis from Anderson Economic Group. UAW members will have lost out on more than $624 million of wages while the federal government and the state of Michigan will have taken hits of $250 million and $13.8 million respectively, according to the study.

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