Ford Deal Includes $9K Bonuses

The tentative Ford-UAW labor agreement calls for $9,000 signing bonuses for workers and the closing of a Michigan engine plant. About 600 union members work at the Romeo Engine Plant north of Detroit, CNBC reports, but none would be laid off. The workers could choose taking a job at a transmission plant about 15 miles from the closed plant or a buyout package. The ratification bonuses for temporary workers would be $3,500. Officials from UAW locals are scheduled to learn about the terms of the deal, which affects 55,000 US employees and was reached Wednesday night, on Friday in Detroit, per the AP.

The union's new deal with GM provides for $11,000 ratification bonuses for most of its 49,000 or so UAW employees, but it's not unusual for Ford and Fiat Chrysler workers to get smaller ones. Ford workers are likely to get pay raises and lump sum payments much like those in the GM deal, per the Wall Street Journal; the UAW-GM contract usually establishes a baseline for deals with the other automakers. UAW officials also said Ford agreed to $6 billion in new product investments. Once the Ford contract is wrapped up, the UAW will bargain with Fiat Chrysler. (The GM strike that ended last week lasted 40 days.)