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Tue October 4, 2011
Ford, UAW Reach Tentative Contract Deal
"Ford Motor Co. and the United Auto Workers have come to terms on a new four-year contract that trades annual pay raises for profit sharing and a signing bonus and promises thousands of new jobs building cars and trucks," The Associated Press writes.
Details aren't out yet, but the union has confirmed on its Twitter page that a "tentative agreement" has been reached.
The Detroit News says the deal "will add or save 12,000 jobs." And it writes that:
"The pact is expected to follow the same general framework as the agreement with General Motors Co. ratified last week, although Ford workers want it to be better than GM's. ... GM hourly workers will receive at least $11,500 in profit sharing and bonuses over four years, including $5,000 for signing the agreement, and annual $1,000 'inflation protection' lump sums as well as wage increases for entry-level workers. ...
"[Ford workers] feel they deserve a sweeter deal [than GM workers got] because Ford did not follow GM and Chrysler Group LLC into bankruptcy and federal bailout in 2009. Ford has had nine straight profitable quarters and earned $14.2 billion since 2008."