United Auto Workers members on strike picket outside General Motors & # 39; Detroit-Hamtramck assembly plant September 25, 2019 with Vermont Sen. Bernie Sanders (far left) in Detroit.
Michael Wayland | CNBC
DETROIT – United Auto Workers' strike against will continue while union members vote on a new four-year labor contract, adding to the work stoppage's estimated $ 2 billion cost to the car manufacturer, the union announced Thursday. [1
UAW spokesman Brian Rothenberg said voting will start on Saturday and is expected to be completed by October 25, adding to the automaker's production loss, according to estimates by Wall Street analysts.
The union provided the ballot, which normally takes about two weeks, Rothenberg said, adding that local union leaders "felt strongly" it was important for members to continue to strike during the vote.
Shares of GM closed Thursday to $ 36.19, down 1.3%. The stock, which had fallen by double digits during the strike, is currently down about 4% since September 13 – the last trading day before workers began picketing.
The decision on the monthly strike was announced as local union leaders
between the union and GM announced Wednesday. Leaders had to approve the agreement before ranking members could vote on it.
The union won several financial gains for its members as part of the agreement, but agreed to shut down four US plants, including three plants and a division center.
The agreement includes 3% to 4% increases or lump sums, the addition or retention of 9,000 hours of work in the United States and $ 9 billion in new investments, including the production of a fully electric pickup for a facility potentially planned for closure . UAW members are also expected to maintain their health insurance, which is considered a "gold standard" and requires employees to cover approximately 3% of the total cost.
The agreement will also pay most union members an $ 11,000 "ratification" bonus when a contract is signed. Temporary workers, who have a shortened path to becoming permanent employees as part of the deal, will receive the $ 4,500 ratification bonus.
The new contract, if ratified by GM members, will be used as a template by the union for negotiations with and .
CORRECTION: This article has been updated to correct the poll timeline. It is expected to be completed by October 25.