Ford offers 30% wage hike, $1-million retirement package: Differences with UAW narrow down

The fights between UAW and motor companies haven’t stopped yet. As we all know about the ongoing strike of UAW against Ford, Chrysler, and General Motors (GM). So now by looking at this strike, Ford Motors has now given a new offer to UAW so that they can seek out the matter. Now Ford has offered a 30% wage hike and a $1 million retirement package. This is really a big step for the company. This has been recently announced by the officials. Now the fight of UAW against Ford has cold down but the fight is still continuing for other companies. Read this article to know everything.

Ford

On 5th October 2023, Thursday, the official stated that the United Auto Workers (UAW) and Ford Motors have now sought out the matter and have reduced their differences on the wage hikes after the manufacturer made some new offers at the time of really active discussion. It is negotiated between the Detroit Three automakers and the union. The President of UAW, Shawn Fain is going to provide a new update to the union’s 150,000 members at the Stellantis on 6th October 2023, Friday. The update is going to happen at Stellantis which is a parent company of Ford, Chrysler, and General Motors (GM).

Till now it is not clear whether the President of UAW, Shawn Fain is going to determine whether there is enough progress so that they can postpone the strike at some other factories or they can authorize the new round of walkouts. There have been recent active negotiations with Ford Motors or other manufacturers, The UAW and Stellantis. Till now Stellantis has not responded to this ongoing strike. Some time ago Ford stated, this had made a comprehensive new offer that was going to include more than a 20% general wage increase and it has not been compounded yet with a double-digit increase in just the first year.

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As per the reports, this offer is combined with the cost-of-living adjustments, which can bring the wage increase offer really close to 30% over the life contract and people familiar with the situation. Ford and UAW have not announced an agreement on each other because of the significant issues which include pay and union representation at the future battery plants and it also includes the union’s push for the return to retirement plans which assures the defined level of benefits. Earlier it was stated by Ford CFO, John Lawler that, the automaker’s retirement offer is going to assure the UAW workers could retire with the $1 million savings.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging