Ford (NYSE:F) made its offer over two weeks ago.
Here is a look at the top talking points, and how negotiations have progressed more than a month after the strike began, according to UAW President Shawn Fain and the companies:
Ford General Motors Stellantis
Wages Top offer of Offered about Offered about
23% hike 23% increase. 23% increase.
Wage Cut timeline Within the Cut timeline
progression to get to top life of the to get to top
wage rate to contract, all wage rate to
three years senior four years.
from eight. employees
reach max wage
rate.
Temporary Wages raised Wages Wages raised
workers’ wages to $21/hour. increased to to $20/hour.
$21/hour.
Cost-of-living- Agreed to Reinstatement Agreed to
adjustments reinstate of COLA for reinstate
(COLA) cost-of-living senior team cost-of-living
allowance. members allowance.
starting Year
1
Plant closures The UAW can No agreement The UAW can
strike over regarding the strike over
plant issue. plant
shutdowns. shutdowns.
Workers get
income
protection.
Retirement No agreement Company No agreement
benefits to restore contributions to restore
pre-2007 increased by pre-2007
defined 25% (from 6.4% defined
benefit to 8.0% of benefit
pension plans. wages) for pension plans.
active
in-progression
team members,
regardless of
employee
contribution.
Battery Plants No agreement. Agreed to No agreement.
allow workers
at
joint-venture
battery plants
to be covered
by union
contracts.
Source: Fain’s statement, company statements
Source: Economy - investing.com
