2023-10-04 14:07:42
Ford offers new package to striking workers, including more than 20% pay increase
Financial World 2023-10-04 22:07:42
Ford Motor Co. said it has submitted a new plan to the United Auto Workers (UAW) union that includes an increase in pay increases aimed at ending the 19-day strike.
Ford said the seventh package presented to the union includes a wage increase of more than 20%, which would put the 57,000 workers represented by the UAW among the top 25% of U.S. wage earners. Ford’s previous proposal was to raise wages by 20%.
“We have proposed a proposal that will be costly for the company, especially given our large presence in the United States and the size of the workforce represented by the UAW, but we believe this proposal still allows Ford to invest in its future,” Ford said Automotive CEO Jim Farley said in a statement on Tuesday.
Bloomberg News previously reported that the UAW hopes to receive at least a 30% wage increase through the strike, down from the 40% originally proposed.
In the new plan, Ford said it would shorten the time it takes for new employees to reach maximum salary from the current eight years to less than four years and proposed increasing contributions to the 401K retirement plan.
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