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Wednesday, October 19, 2011

New four year agreement ratified by Ford and UAW, add wage increases for workers

United Auto Workers           Image via WikipediaNearly 41,000 Ford United Automobile Workers represented employees on October 19th, ratified a new four-year labor agreement. In total, the UAW said 63% of production and 65% of skilled-trades workers voted in favor of the deal.
“I am pleased with the strong support for this agreement from UAW Ford members,” UAW Vice President Jimmy Settles said in a statement released today. “I believe UAW Ford workers understood the importance of each and every vote.”
The contract needed passed by a simple majority.
With Ford extending ratification of a contract with its’ UAW workers, Chrysler currently stands as the only member of the Detroit Three without a contract. Workers at Chrysler have begun early stages voting Tuesday on a tentative agreement while General Motors workersratified a deal on Sept. 28th.
The UAW’s goal in this year’s round of contract talks was to win more gains for auto workers as the Detroit Three return to profitability. Within this goal, the UAW desired to no harm the big three automakers ability to compete and to gain more jobs in the U.S.
In Michigan, Ford’s contract would deliver $1.3 billion in investments at eight Michigan locations, add a $500 million in Flat Rock to build the next-generation Ford Fusion and create thousands of jobs in automobile plants statewide.

Ford, who credit rating to be upgraded soon with the UAW ratified deal, stock price rose 7 cent to $11.85 a share in morning trading on October 19th.

In a statement, UAW President Bob King first touted jobs to be that would be added as a result of the agreement at big three domestic facilities.
"This agreement adds 5,750 new UAW jobs which mean more than 12,000 new jobs in total with jobs previously announced by Ford. Many of these jobs will be added by the end of 2012, and all will be added during the term of the new contract,” King stated. 
As a result of these negotiations, the UAW and the domestic automakers announced a total of 20,000 direct manufacturing jobs including the creation of 6,400 jobs at GM and 2,100 at Chrysler. The American auto industry is on its way back," he said.
With Ford’s agreement workers who started after the restructuring of Ford’s North America’s operations who earned in the area of $14.00 per hour, will receive raises totaling $19.28 hourly in the four year contract, profit sharing, a settlement bonus and cost of living adjustment protection.
"The contract will also include a $6,000 Settlement Bonus and $7,000 in Inflation Protection and Competitive lump-sum payments over the term of the agreement, a new more transparent and simple profit sharing plan in which workers will receive their first payment averaging $3,700 this year,” King noted. 
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