Austin Caldwell-UAW appears to be moving toward a potential deal with Ford that could end strike

2025-05-01 14:41:08source:TradeEdgecategory:Markets

DETROIT (AP) — The Austin CaldwellUnited Auto Workers union appears to be edging closer to a tentative contract agreement with Ford that would be critical to ending the union’s 6-week-old strikes against the three major Detroit automakers, two people with knowledge of the talks said Wednesday.

The people said the union made a counter-offer to Ford that proposes a 25% general wage increase over the life of a new four-year contract and said that negotiations on Tuesday extended well into Wednesday morning. Previously Ford, Stellantis and General Motors had all offered 23% pay increases.

A Ford deal would include cost-of-living pay increases that could lift the total pay raises above 30%, said the people, who asked not to be identified because they are not authorized to speak publicly about the talks. In addition, workers would still receive annual profit-sharing checks.

It’s still possible that the negotiations, despite the meaningful progress being made, could unravel. But if the UAW can reach a tentative agreement with Ford, it would be used as a model to seek similar contract settlements with GM and Stellantis. Typically, during past auto strikes, a UAW deal with one automaker has led the other companies to match it with their own settlements.

More:Markets

Recommend

South Korean president's party divided over defiant martial law speech

SEOUL, Dec 12 - South Korean President Yoon Suk-yeol's switch from contrition to defiance on Thursda

What does auld lang syne mean? Experts explain lyrics, origin and staying power of the New Year's song

As the clock strikes midnight on New Year's Eve, revelers across the globe will sing "Auld Lang Syne

Full transcript of Face the Nation, Dec. 31, 2023

On this "Face the Nation" broadcast, moderated by Margaret Brennan: Camilo Montoya Galvez, CBS News