UAW Ratifies Contract With Ford

Ford UAW Contract

The United Auto Workers union on Friday night said it had ratified a contract with Ford Motor.

The company and union did not immediately disclose terms of the contract. The deal is expected to closely mirror deals made with General Motors and Fiat Chrysler.

One of the most hotly debated parts of the contracts at the big 3 was a closure of the wage gap between veteran workers and more recent hires.

Ford and the UAW reached a deal in early November, but had to way for members to reach a majority 51% vote.

The Ford proposal, which covers more than 52,000 workers, is considered the most generous of the three deals between the union and the automakers. The UAW called it one of the “richest agreements in the history of UAW-Ford.”

Among the deals agreements are signing bonuses, lump sum payments, and profit sharing plans for workers.

Ford and its competitors have reported record sales over the last 12 months. Sales of its most profitable trucks and SUVs have skyrocketed thanks in no small part to rapidly decreasing gas prices.

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Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.