Highlights of the agreement between the UAW and Ford – 10/30/2023 at 01:46

The United Auto Workers (UAW) on Sunday outlined key elements of a 4 1/2-year interim contract with Ford Motor FN, which, if approved by members, will end a strike that has sowed discord.

The following points were emphasized by UAW leaders:

* Ford will invest $8.1 billion in factory renovations and adding new models.

* Raises of 33% or more for many workers over the life of the contract, including cost-of-living adjustments that help bring wages in line with inflation. At the top of the scale, workers will receive a $70,000 pay increase over the life of the contract.

* The lowest paid temporary workers could see their salaries increase by 150%

*Opportunity for battery and electric vehicle factories to join the union agreement at proportional pay rates.

* Increased contributions to 401(k) individual retirement plans for current workers and increased pension payments for current retirees

* Ford will have the right to offer buyouts to senior workers

* Temporary workers will become permanent workers more quickly and it will take fewer years for workers to reach the highest pay rate.

* Benefits: parental leave, new paid holiday for June 19, tuition assistance increased to $8,000

* Right to strike in the event of factory closure

* Profit-sharing increase, which would have increased payments by $1,200 last year

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