The UAW and Ford are currently in negotiations, and sources indicate that the UAW’s counter-offer includes a substantial 25% wage hike for the duration of a potential four-year contract. Negotiations persisted into the early hours of Wednesday, igniting hope for a potential breakthrough and boosting the morale of workers prepared to prolong their strike efforts to secure a favorable accord.
Insiders reveal that Ford, Stellantis, and General Motors have all extended offers for 23% wage hike, positioning the counter-proposal of UAW to potentially elevate the overall pay raise beyond the 30% mark. Additionally, sources indicate progress in the UAW’s negotiations with General Motors. Concurrently, employees at three factories specializing in the production of highly lucrative pickup trucks and SUVs have joined the ranks of striking plants, heightening pressure on the automakers.
In their negotiations, the UAW is also pushing for the reinstatement of cost-of-living salary adjustments, the revival of traditional defined-benefit pension plans for workers hired post-2007, an end to disparate wage tiers, augmented pensions for retirees, and an array of supplementary benefits. Moreover, the union is advocating for an extension of the national UAW contract to encompass eleven U.S. electric vehicle battery facilities.
Executives at Ford have communicated over the past fortnight that their offers, surpassing those of their competitors, have reached the upper threshold of the company’s willingness to resolve the strikes. Sources disclose that GM’s CEO, Mary Barra, conveyed on Tuesday that the proposition to incorporate the battery plants into the master union agreement remains open, contingent on the fulfillment of unspecified “benchmark economics and operating flexibility.”
At the time of this publication, Ford Motor Co stock (F) has witnessed a surge.
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The UAW aims to secure an accord that not only safeguards the interests of current employees but also addresses the concerns of those impacted by the industry’s shift away from gasoline-powered vehicles. Although negotiations remain in progress and potential hurdles loom, should the UAW forge a tentative agreement with Ford, it is anticipated to serve as a template for subsequent settlements with GM and Stellantis.
Source: AP News