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UAW picket signs outside a GM plant in Detroit. Photo: Jeff Kowalsky/AFP via Getty Images

A tentative 4-year labor contract with the United Auto Workers lets GM shutter underutilized factories as it wanted, but could also lock in higher labor costs across the domestic auto industry.

Why it matters: Detroit typically follows "pattern" bargaining — the economic terms struck at one company are generally matched by other UAW-represented automakers, setting a uniform standard of living for all unionized auto workers.

  • But the terms laid out Thursday would do little to lower labor costs ahead of what automakers anticipate will be a disruptive and expensive decade of change, writes the Detroit News.

What's happening: Factory workers at GM will receive big bonuses and keep their lucrative health benefits under the proposed contract, which is subject to ratification by 49,000 striking workers. They'll continue to walk the picket lines until the vote is completed a week from today.

  • "I'm sure neither Ford nor Chrysler is going to be thrilled with the economics of this deal," GM's former director of labor relations, Arthur Schwartz, now a consultant, told the News.
  • The record-setting $11,000 signing bonus GM is offering UAW members, along with the lack of changes to current health care benefits, will be costly to Ford, which has more hourly UAW workers than GM.
  • Changes to pay for workers hired after 2007 and temporary workers that were hot-button issues during the GM contract talks could be expensive to FCA, which has a younger workforce.

Yes, but: The concept of pattern bargaining has weakened in recent years, and it will be up to negotiators on both sides of the table at Ford and FCA to hammer out their own deals in the coming weeks.

Go deeper: Health benefits won't change for GM workers

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.