© Reuters. FILE PHOTO: A United Auto Workers On Strike sign is seen outside the Ford Michigan Assembly Plant in Wayne, Michigan U.S. October 25, 2023. REUTERS/Rebecca Cook/File Photo
(Reuters) – The United Auto Workers on Sunday laid out key parts of the union’s tentative 4 1/2-year contract with Ford Motor (NYSE:), which will end a divisive strike if approved by members.
The following are issues highlighted by UAW leaders:
* Ford will invest $8.1 billion in renovating factories and adding new models.
* Raises of 33% or more for many workers over the life of the contract, including cost-of-living adjustments that push up wages in line with inflation. At the top end, workers will see an extra $70,000 in pay over the contract.
* Lowest-paid temporary workers could see wages rise 150%
* Pathway for battery and electric vehicle plants to come under the union agreement at commensurate pay rates.
* Increased contributions to 401(k) individual retirement plans of current workers and increased pension payments for current retirees
* Ford will have the right to offer buyouts to senior workers
* Temporary workers will become permanent workers faster, and it will take fewer years for workers on a job to get to the top pay rate.
* Benefits including parental leave, new Juneteenth paid holiday, tuition assistance raised to $8,000
* Right to strike over plant closings
* Higher profit-sharing that would have increased payouts by $1,200 last year
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