TORONTO (Sept 20): General Motors Co and the Canadian autoworkers union announced a tentative contract deal early Tuesday morning, averting a strike that would have shut some of the automaker's Canadian manufacturing facilities. Unifor said the tentative deal will prevent the closure of GM's Oshawa assembly plant, bring some engine assembly from Mexico to GM's St. Catharines, Ontario facility, and increase wages for existing employees. Union members will vote on the deal on Sunday. Veteran employees have defined benefit pensions, and those hired since 2012 have a hybrid plan with defined benefit and defined contribution portions. A four-year contract covering some 20,000 Canadian autoworkers at the three automakers expired on Sept 19, but only GM workers were in a legal strike position on Tuesday.

Source: The Edge Markets September 20, 2016 06:11 UTC