UAW Ratifies Contracts With GM, Delphi - TheStreet

Members of the United Auto Workers union voted Monday to ratify new four-year agreements with

General Motors

(GM) - Get Report

and

Delphi

( DPH).

"We accomplished our major bargaining goals, and are pleased that the membership expressed confidence in those efforts," said UAW President Ron Gettelfinger.

The new contracts will cover more than 117,000 active workers at GM and more than 30,000 active workers at Delphi, as well as more than 234,000 retirees and 63,000 surviving spouses.

The contracts follow the same economic pattern as the agreements ratified by UAW members at

DaimlerChrysler

( DCX),

Ford

(F) - Get Report

and

Visteon

(VC) - Get Report

.

Key provisions include a $3,000 signing bonus, a performance bonus in the second year of the contract, a 2% raise in the third year and a 3% raise in the fourth year.