Posts tagged ratified contracts
Ford workers join those at GM in approving contract settlement that ended UAW strikes
November 20, 2023 // The United Auto Workers union overwhelmingly ratified a new contract with Ford, a pact that, along with similar deals with General Motors and Stellantis, will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles. Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. At Stellantis, 68.7% of workers favored ratification, an insurmountable lead with votes at only two small facilities left to be counted.
GM reaches tentative deal with UAW, ending strikes at Detroit automakers after six weeks
October 30, 2023 // It’s not immediately clear how much the labor deals will increase labor costs for the companies, which had argued that giving in to all of the union’s demands would affect their competitiveness and even long-term viability. Deutsche Bank recently estimated the overall cost increase of the agreement at Ford to be $6.2 billion over the term of the agreement; $7.2 billion at GM; and $6.4 billion at Stellantis.
UAW demands cost-of-living salary adjustment as Americans feel pinch of inflation
September 26, 2023 // COLA, or cost-of-living adjustments to paychecks, are well-known by Social Security recipients, millions of whom live on a fixed income and carefully track the yearly, inflation-adjusted tweaks to their benefits. But for anyone else, the pay bumps that were baked into many union contracts for decades have fallen away over the last half-century. The government has even stopped tracking data on them. The prominence of unions in the 1970s and '80s also helped COLA numbers. Data from the BLS shows that 20% of American workers were union members in 1983 ‒ the first year for which comparable data are available ‒ versus 10% in 2022.