Ford, UAW reach tentative deal to end strike including record pay raise

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Ford, UAW reach tentative deal to end strike including record pay raise

https://www.reuters.com/business/autos-transportation/ford-uaw-negotiators-reach-labor-deal-cnbc-2023-10-25/

The United Auto Workers union reached a tentative labor deal with Ford, the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers.

Ford, UAW reach tentative deal to end strike including record pay raise

The proposed accord, which UAW's leadership must still approve, provides a 25% wage hike over the 4-1/2-year contract, starting with an initial increase of 11%.

The Ford deal, which could help create a template for settlements of parallel UAW strikes against General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), would amount to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.