- Auto workers are striking for a 40% pay increase from General Motors, Ford, and Stellantis.
- General Motors CEO Mary Barra is so far offering auto workers a 20% pay increase.
- Barra is making about $29 million this year and has received a 34% increase over the last four.
For the first time in history, workers at all of Detroit's three major automakers are on strike.
The United Auto Workers union is demanding, among other things, a 40% hourly pay increase over four years. So far, they have only been offered a 20% increase.
General Motors CEO Mary Barra, meanwhile, is the highest-paid of the three CEOs, making about $29 million a year. She has received a 34% increase over the last four years.
In a CNN interview, Barra defended her high earnings. She said 92% of her salary is based on the company's performance, and that the company offers profit sharing to its employees. So, her logic went, the better the company performs the more money everyone makes.
"When the company does well, everyone does well," Barra said.
Especially her, apparently.
When the CNN reporter pressed Barra on whether or not the pay discrepancies at the company are fair, the CEO deflected, reiterating only that "a very compelling offer" was on the table for the union to consider.
"Not only are we putting a 20% increase on the table, we have profit sharing," Barra said.
That 20% increase is still 14 percentage points less than Barra's was over the last four years.
The strike began Friday morning after the union failed to reach an agreement with the companies before their deadline. It could cost the companies $5 billion over just 10 days.
