WBD - Ford Deal With UAW: How Do Pay Raises Compare To Hollywood Writers Other Recent Union Wins? | Benzinga
It's the beginning of the end for a six-week-long strike on Detroit automakers as the United Auto Workers (UAW) celebrates a tentative agreement with Ford Motor Co. (NYSE:F) which, if ratified, would represent a historic win for automotive employees.
The agreement, disclosed on Wednesday, adds 25% more salary for Ford workers over the span of four-and-a-half years and raises top salaries for production workers to $40 an hour, a 30% jump from a previous 2019 agreement which expired in September.
The agreement is relieving pressure from President Joe Biden's agenda. Biden had taken to the issue personally, joining a UAW picket line in September.
"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," said Biden in a statement on Wednesday.
Shares of Ford, Stellantis NV (NYSE:STLA) and General Motors Co (NYSE:GM), the "Big Three" Detroit automakers, have been on a downward trajectory since striking began on Sept. 15.
Analysts have referred to the strike as the single biggest angle to watch for when looking at Ford's stock performance. The automaker is set to deliver third-quarter earnings on Thursday after the close.
Ford Executive Chairman Bill Ford recently said the real issue wasn’t between Ford and the UAW, but against overseas automotive competitors and emerging Chinese companies.
What's In The Ford/UAW Contract?
While the full details of the contract are expected to be released by the UAW on Sunday, its main points have already been ...