Profit-sharing checks are likely to replace annual pay increases for most of General Motors Co.'s 48,500 factory workers. Those checks are part of a four-year contract reached with the United Auto Workers union on Friday. Details of the pact are being withheld until union leaders from around the country are briefed. But three people with knowledge of the deal gave details. They didn't want to be identified because leaders hadn't been told yet.
Here are key elements:
WAGES: Likely no increase for most of GM's blue-collar workers who make around $29 per hour. But about 2,400 entry-level workers will get $2- to $3-per-hour increases. They now make about half the pay of a longtime UAW member.
SIGNING BONUS: Workers will get a $5,000 bonus for signing the contract. This should help get the deal approved by the workers, who will vote on it soon.
PROFIT SHARING: Will be based on performance of GM's North American operations rather than the current formula that's tied to the entire company's profits. Will be larger than the roughly $4,000 that workers received this year.
NEW JOBS: GM will reopen an idled assembly plant in Spring Hill, Tenn., and promised additional hiring at other factories.