Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Stock

UAW members approve 4½-year contract with Detroit’s Big Three

Union members at Ford, Stellantis and General Motors have ratified a new 4½-year contract, locking in at 11% pay increases secured after a six-week strike in September and October.

The United Auto Workers said that roughly 67% of Ford employees represented by the UAW voted in favor of the contract, which will last through April 30, 2028.

Voting officially ends Friday, but with around 57,000 union employees at Ford, the contract appeared headed toward easy ratification.

The contracts were negotiated after members of the UAW went on strike from Sept. 15 until late October.

Union members will get a total pay increase of 25% over the course of the deal. The new contracts also reinstate cost-of-living adjustments, let workers reach top wages in three years instead of eight and protect their right to strike over plant closures.

Both the UAW and the carmakers described the deals as “record” contracts based on those pay increases. The union also said members were regaining some of the benefits they agreed to give up after the Great Recession to help keep the automakers alive.

Workers at GM approved the contract, but they did so by a much narrower margin than Ford’s employees did, with about 55% of workers voting yes.

While UAW President Shawn Fain has called the contacts a victory for workers, he has also said they are part of a larger plan to win back more benefits over the long haul.

According to the UAW’s ratification vote tracker, Stellantis employees were on pace to approve the deal at margins similar to Ford workers. With 17,391 votes tallied as of Thursday evening ET, about 66% of ballots had been cast in favor of accepting the contract.

While the general terms of the contracts are similar, workers at Detroit’s Big Three automakers are voting to accept or reject them independently.

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Latest News, And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

    Stock

    Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Disclaimer: Incomeinnovatorhub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 incomeinnovatorhub.com