Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Xiao Zhan for the clue delivery! CTOnews.com, October 26 (Xinhua)-- Ford Motor Company and the United Auto Workers Union (UAW) announced Wednesday night that they have reached a preliminary agreement to end the strike that has lasted for nearly six weeks.

The agreement between Ford and UAW will include an 11% pay increase in the first year, a total salary increase of 25% over the next four and a half years, plus an approved bonus and cost of living adjustment of $5000, which will bring the salary increase to more than 30% to more than $40 an hour.

The interim agreement specifically includes:

Increase the maximum wage by more than 30% to more than $40 per hour (CTOnews.com Note: currently about RMB293)

Increase the starting salary by 68% to more than $28 an hour

During the validity of the agreement, Ford's lowest-paid workers received a pay increase of more than 150%, and some workers received an 85% pay increase immediately after approval.

Recovery of major benefits lost during the Great Recession, including cost-of-living allowances and three-year wage progress

Abolish different wage rates or grades of workers

Improve retirement benefits for current retirees, workers with pensions and workers with 401k plans

Including the right to strike because of factory closure

"We told Ford to come up with real money, and they did it," Sean Finn, chairman of UAW, said in a video released Wednesday night. "We won something that people thought was impossible." Ford's offer has increased by 50% compared with when the strike began, he said.

The tentative agreement still needs to be approved by UAW local leaders and Ford's 57000 member workers. As long as more than half of the workers vote for it, the agreement will take effect. The union will hold information meetings and online briefings to discuss the details of the agreement and publish a summary online.

Auto workers who are currently on strike will return to work during the union approval and voting process, UAW Vice President Chuck Browning said in the video. "just like what we did in this' stand up 'strike, this is a strategic move to get the best deal." "We have to go back to Ford and put pressure on Stellantis and GM," he said. "the last thing they want is for Ford to resume full production, and they are still procrastinating and lagging behind."

Ford said in a statement that it was "pleased that a provisional agreement has been reached." The company is now focused on restarting production at the Kentucky truck plant, the Michigan assembly plant and the Chicago assembly plant, where the union launched a strike involving about 16600 employees.

Ford shares closed up 1.3% at $11.54 on Wednesday, up about 2% in after-hours trading. Ford shares are down less than 1% so far this year.

Ford and the union have been negotiating the economic aspects of the contract since the two sides failed to agree on a new contract for 146000 auto workers on Sept. 14. This year the union is in talks with three carmakers at the same time, breaking the practice of recent years. In the past, UAW leaders would negotiate with each carmaker separately, select a leading company and use that company as a model to work out agreements for the remaining two companies.

GM and Stellantis also issued statements late Wednesday saying they would continue to work with unions to reach a tentative agreement as soon as possible.

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