09 March 2009

UAW, Ford Reach Agreement

ford motor and uaw reach agreement

Original Story From Associated Press
As Posted at Forbes

The United Auto Workers Union says its members working for Ford Motor Co. have approved contract changes that include freezing wages and cutting other benefits in a move to aimed at helping the automaker remain competitive.

The approved agreement also ends the jobs bank program and lets Ford make payments in stock to a union-run trust for retiree health care.

The union says 59 percent of production workers and 58 percent of skilled-trades workers voted for the agreement.

Ford is not seeking government funding and is the first U.S. automaker to come to an agreement with the union.

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