“Ford Motor Co. and the United Auto Workers have come to terms on a new four-year contract that trades annual pay raises for profit sharing and a signing bonus and promises thousands of new jobs building cars and trucks,” The Associated Press writes.
Details aren’t out yet, but the union has confirmed on its Twitter page that a “tentative agreement” has been reached.
The Detroit News says the deal “will add or save 12,000 jobs.” And it writes that:
“The pact is expected to follow the same general framework as the agreement with General Motors Co. ratified last week, although Ford workers want it to be better than GM’s. … GM hourly workers will receive at least $11,500 in profit sharing and bonuses over four years, including $5,000 for signing the agreement, and annual $1,000 ‘inflation protection’ lump sums as well as wage increases for entry-level workers. …
“[Ford workers] feel they deserve a sweeter deal [than GM workers got] because Ford did not follow GM and Chrysler Group LLC into bankruptcy and federal bailout in 2009. Ford has had nine straight profitable quarters and earned $14.2 billion since 2008.”