Ford reaches tentative agreement with unions to raise wages
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Representatives of the United Automobile Workers (UAW) reported on reaching a preliminary agreement with the Ford Motor automaker to increase wages and improve other working conditions for Ford workers belonging to this union.
It is noted that the company’s management agreed to increase wages for workers by 25–30%, as well as increase prices for temporary employees by 1.5 times. The salary will be increased by 11% immediately, the rest of the increase will occur in the next year or two.
The unions also got Ford to improve its pension and health insurance policies. On October 29, union representatives will travel to Ford facilities in Detroit. If the workers’ council approves the terms of the preliminary agreement, the strike will be over.
The strike by American auto workers, members of the UAW union, has been going on for 40 days. Work has been stopped at a number of enterprises of General Motors (GM), Ford and Chrysler (part of the Stellantis alliance). The strike is already started negatively affect the financial performance of automakers. GM stated, that the first two weeks of the strike alone cost it $200 million. Since the strike is still ongoing, losses from it will at least also be reflected in the figures for the fourth quarter. Negotiations between the UAW and automakers GM and Stellantis are still ongoing.
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