UAW Reaches , Tentative Agreement With Ford.
United Auto Workers (UAW) President Shawn Fain made the announcement on Oct.
25, CBS News reports.
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Today we reached a tentative agreement with Ford.
For months, we've said that record profits mean record contracts.
And UAW family, our Stand Up Strike has delivered, Shawn Fain, UAW President, via X.
Jim Farley, Ford CEO and president, also confirmed the tentative deal.
We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our U.S. operations, Jim Farley, Ford CEO and president, via statement.
President Biden issued a statement as well.
I applaud the UAW and Ford for coming together after a hard fought, good faith negotiation and reaching a historic tentative agreement tonight, President Joe Biden, via statement.
This tentative agreement is a testament to the power of employers and employees coming together to work out their differences at the bargaining table in a manner that helps businesses succeed while helping workers secure pay and benefits they can raise a family on and retire with dignity and respect, President Joe Biden, via statement.
Under the new deal, UAW Vice President Chuck Browning said, .
"UAW members at Ford will receive more and straight general wage increases over the next four-and-a-half years than we have over the last 22 years combined.".
Over the course of the contract, temporary workers would see wage increases of over 150%.
Union workers would also reserve the "right to strike over plant closures," CBS News reports.
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Now, Ford's 75,000 UAW workers must approve the deal
