Members of the United Auto Workers union have ratified a new collective bargaining agreement with General Motors Co. (NYSE: GM). As a result, the union has ended what it calls the longest automotive strike in 50 years.

The union says the new contract includes an economic package with an $11,000 per member signing bonus, performance bonuses, two 3% annual raises and two 4% lump sum payments. It also holds the line on healthcare costs.

"General Motors members have spoken," said Terry Dittes, UAW vice president and director of the UAW-GM department. "We are all so incredibly proud of UAW-GM members who captured the hearts and minds of a nation. Their sacrifice and courageous stand addressed the two-tier wages structure and permanent temporary worker classification that has plagued working class Americans."

Union workers went on strike September 15 and the two parties reached a tentative agreement last week. The union says workers will begin to report to work as instructed by GM.

The automaker employs some 49,000 workers nationwide, including 7,000 Hoosiers at locations in Fort Wayne, Bedford, Kokomo and Marion. GM scheduled production at all four sites to resume over the weekend or early Monday.