00:00 It's Benzinga and here's what's on the block.
00:02 - Auto workers represented by the United Auto Workers
00:05 have gone on strike after failing to reach
00:07 a new contract agreement with major US car manufacturers,
00:11 Ford, General Motors, and Stellantis.
00:14 The strikes led by UAW President Sean Fain
00:17 began at midnight at various auto plants across the country.
00:21 Around 12,700 workers in Michigan are on strike.
00:26 The UAW has an $825 million strike fund
00:29 that can support its members for about three months.
00:33 The union is demanding a 40% pay increase,
00:35 an end to wage disparities,
00:37 and the restoration of previous concessions.
00:40 The Biden administration is considering
00:41 providing emergency aid to smaller supply firms
00:44 affected by the strike.
00:46 Ford has criticized the union's wage demands
00:48 while General Motors and Stellantis have not commented.
00:50 - For all things money, visit Benzinga.com.
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