Ford reached a settlement agreement with the union, and employees' wages will increase significantly by more than 30% during the contract period

According to news from this site on October 26, Ford Motor Company and the United Auto Workers (UAW) announced on Wednesday night that the two parties had reached a preliminary agreement to end the strike action that lasted for nearly six weeks.

Ford’s agreement with the UAW will include an 11% pay increase in the first year, a total of 25% over the next four and a half years of the contract, and an additional $5,000 in approved bonuses and cost-of-living adjustments. This would bring a wage increase of more than 30%, to more than $40 an hour.

The interim agreement specifically includes:

• A cumulative increase in maximum wages of more than 30%, Reaching more than 40 US dollars per hour (this site's note: currently about 293 yuan)

• will increase the starting salary by 68% to more than 28 US dollars per hour

• Ford increased minimum wage worker pay by more than 150% over the life of the agreement, with some workers receiving an 85% raise immediately upon approval

• Restore key benefits lost during the Great Recession, including a cost-of-living allowance and three years of wage progression: Reinstate key benefits lost in the past, including a cost-of-living allowance and three years of wage progression

• cancelworkers Different pay rates or grades

• Improving retirement benefits for current retirees, workers with pensions, and workers with 401K plans

• Important Wrote: Including the right to strike over plant closures

UAW President Sean Fein said in a video released late Wednesday: "We told Ford to put up real money. Silver, they did it. We won something that people thought was impossible." He said Ford's offer was up 50 percent compared to when the strike began.

The tentative agreement still needs to be approved by UAW local leaders and Ford’s 57,000 member workers. As long as more than half of the workers vote for it, the agreement will come into effect. The union will hold information meetings and online briefings to discuss the specifics of the agreement and publish a summary online.

The striking autoworkers will return to work during the union approval and voting process, UAW Vice President Chuck Browning said in the video: "Just like everything we have done in this strike Again, this is a strategic move to get the best deal." He said: "We are going to get back to work at Ford and put pressure on Stellantis and GM. The last thing they want is for Ford to return to full production. , and they continue to delay and fall behind."

Ford said in a statement: "We are pleased to have reached a tentative agreement." The company is currently working to restart the Kentucky truck Plants, Michigan Assembly Plant and Chicago Assembly Plant, where the union launched strikes involving about 16,600 employees

Ford shares rose 1.3% at the close of trading on Wednesday, quoted at $11.54, It rose about 2% in after-hours trading. Ford shares are down less than 1% this year. Ford and unions have been grappling with the economics of the contract since the two sides failed to agree on a new contract for 146,000 autoworkers on Sept. 14. Negotiate. The union is negotiating with three automakers simultaneously this year, breaking with practice in recent years. In the past, UAW leaders would negotiate with each automaker individually, choosing a dominant company to focus their efforts on and using that company as a template for agreements with the remaining two companies.

GM and Stellantis said they will continue to work with the union and reach a tentative agreement as soon as possible

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