Ford strike over.

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Ford Reaches Tentative Labor Deal With UAW Six Weeks Into Historic Strike. Proposed agreement contains 25% pay bump for assembly line workers; GM, Stellantis continue negotiations for their own labor pacts

The United Auto Workers secured a new tentative labor deal with Ford Motor F 1.32%increase; green up pointing triangle Wednesday night, potentially ending a six-week strike at one automaker while negotiations continue at General Motors GM 1.58%increase; green up pointing triangleand Chrysler-parent Stellantis STLA 0.69%increase; green up pointing triangle.

The labor agreement, which is subject to a member vote before being ratified, contains a 25% wage increase during the span of the contract, including an 11% bump in the first year, according to Chuck Browning, the UAW’s lead bargainer with Ford. The overall increase, which will be spread out over four years, would put the top wage for assembly workers at around $40 an hour.

Workers will also receive cost-of-living adjustments, which were suspended in 2009, and the right to strike over plant closures, Browning said. Terms of the deal additionally cut the time it takes for new hires to reach the top wage, to three years from eight in the contract that expired last month, the UAW said.

The union confirmed details of the proposed contract reported earlier by The Wall Street Journal.

We told Ford to pony up and they did,” UAW President Shawn Fain said in a video address Wednesday night. “We won things nobody thought was possible.” He added that the value of Ford’s offer increased 50% since the strike was called on Sept. 14.

Ford’s Chief Executive Jim Farley in a statement said the company is pleased to have reached a tentative agreement and is focused on getting people back to work.

If approved by workers, the deal marks the union’s biggest contract gains in decades and a resolution to Ford’s first UAW national strike in more than 40 years. It covers 57,000 UAW-represented workers at Ford’s U.S. operations. 

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