How long the UAW strike fund could last against GM
The United Auto Workers' strike fund is set to pay out more than $12 million a week as its strike against General Motors approaches the one-month mark.
But how long can the strike fund hold out? It will cover weekly strike pay of $275, which was recently bumped up from $250, for roughly 46,000 striking GM workers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 55.68 | +0.81 | +1.48% |
The strike fund contained nearly $800 million when GM autoworkers first walked off the job in mid-September. But after four weeks of paying out $11.5 million in total weekly benefits, the fund has likely depleted to less than $754 million.
That's still a big number — enough to keep strike pay coming for roughly a year. The UAW also cuts bonus checks for striking workers at Thanksgiving and Christmas, according to its website.
The UAW board voted on Saturday to bump up workers' strike pay to $275 a week. But the real news was the board's decision to relax the rule against striking workers taking part-time jobs that paid more than the strike pay. Now, striking autoworkers can work part-time and still collect $275 a week.
"Our members' commitment to their strike fund speaks for itself," a representative of the UAW told FOX Business.
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CORRECTION: The health insurance premiums of UAW workers striking against General Motors are being paid by the company. The source of the premium payments was incorrect in an earlier version of this story.