General Motors Co. has committed to shelling out $420 million in signing bonuses to lure hourly workers into approving a new four-year wage agreement that largely mirrors a pact struck with Fiat Chrysler Automobiles NV earlier this month.
The No. 1 U.S. auto maker is also offering a $60,000 incentive to up to 4,000 eligible production employees who retire between Feb. 1 and May 1, 2016.
GM GM, +0.71% told UAW officials on Wednesday that the offer includes an $8,000 signing bonus for 52,000 members, or double the maximum incentive offered to Fiat Chrysler’s 40,000 workers.
