Here we are going to provide details about the recent contractual agreement between UAW and Ford, as the public searches for it on the Internet. The public is surfing the Internet to find out more about the recent contractual agreement between the UAW and Ford and not only that, they also like to know the details about their agreement as the news about it is going viral on the Internet. So, for our readers, we have provided information about the recent contractual agreement between UAW and Ford in this article. Not only that, we are also going to provide details about the deal as the public searches for it on the Internet. So, keep reading the article to know more.
On Sunday, October 29, United Auto Workers union leaders agreed to a new tentative contract agreement with Ford Motor. The deal involves a significant $8.1 billion investment in the company’s manufacturing. There has been no definitive agreement at General Motors, despite continued negotiations. Before taking into account increased profit sharing and retirement payments, workers under the UAW-Ford pact can receive up to $70,000 in additional compensation over the course of the four-and-a-half-year contract. By 2028, the highest hourly income for employees is expected to reach $42.60, which will cover projected cost-of-living adjustments. Additionally, the contract eliminates all lower-paying plants and offers workers $50,000 in severance pay.
The agreement also includes a $5,000 ratification bonus, one-time retirement incentives and a faster path to the union’s top pay rate for newly hired temporary employees. Employees will also benefit from enhanced employer contributions to retirement benefits and a $1,500 voucher toward the purchase of a vehicle. Within three years, Ford’s current temporary workers will become permanent employees and advance to the highest salary. The deal also makes it possible for employees at Ford’s BlueOval City electric car complex in Tennessee, joint ventures and battery plants to join the union and get benefits under the master contract.
Ford intends to integrate electric cars (EV) into its current assembly plants in Louisville, Ohio, as part of the investment. New types of hybrid vehicles are being produced, such as gas-electric hybrid variants of the Ford Expedition and Lincoln Navigator. Ford CEO Jim Farley has highlighted the company’s dedication to increasing its selection of hybrid vehicles. After speaking with local union leaders in Detroit, the UAW openly revealed to Ford the contents of its new agreement. All union members can now ratify the agreement. UAW officials now have to explain Ford’s contract to its members, who will ultimately cast their votes to approve it.
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Source: vtt.edu.vn