GM strike affects 150,000 auto industry workers, says consulting firm AEG


by   |  VIEW 784
GM strike affects 150,000 auto industry workers, says consulting firm AEG

On Tuesday, the 8th of October, an East Lansing, Michigan-based financial research and consultancy firm Anderson Economic Group (AEG) said the United States’ No. 1 automaker, GM’s ongoing strike with its workers’ Union, UAW, over critical issues such as a better pay off and a better share of company profit alongside healthcare insurance expenses, would likely to inflict deeper wounds on to 150,000 workers actively engaged in the US automotive industry.

Aside from that, according to the research of Michigan-based consulting firm, AEG, more than 75,000 employees involved in auto part supply division in the United State, were either temporarily laid off from the payroll or facing off a steep plunge on their wages due to shrinking demand from the United States’ largest automaker by asset.

Besides, the AEG research had also shown on Tuesday (October 8th) that the ongoing strike of 48,000 GM hourly workers, who had taken stance over the picketing line since September 16th demanding a better-share of company profit, had already hit GM with a plunge of $660 million in net operating profit, while the employees rattled by latest GM strike which had entered into its fourth week lost $412 million in direct wages for the moment being.

Aside from that, the strike on Detroit-based automaker, General Motors had also hit a number of US states with a loss of $155 million in corporate taxation alongside payroll tax revenues, while the US state of Michigan lost $9.1 million in income tax revenue, Tuesday’s (October 8th) AEG report said.