Oct 29 (Reuters) – The United Auto Workers on Sunday laid out key parts of the union’s tentative 4 1/2-year contract with Ford Motor (F.N), 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
Reporting by David Shepardson, Joseph White and Peter Henderson; Editing by Jamie Freed
