Union leaders of the United Auto Workers have reached a tentative contract agreement with Stellantis, the parent company of Chrysler. The historic deal, if ratified by members, will end the month-long strike that has gripped the auto industry.
UAW President Shawn Fain is expected to unveil details of the deal shortly. It is reported to include a significant 25% salary increase, improved retirement benefits and will run until April 2028.
In a big win for workers, the deal also includes an additional ratification bonus of about $110 a day for employees who were on strike or fired during the work stoppage. That’s on top of the $5,000 hourly bonus workers will receive after ratification, along with an 11 percent immediate pay increase.
Stellantis has also agreed to offer many hourly employees a company-subsidized lease program, making it more affordable for them to drive a new vehicle. This program is similar to those offered by American car manufacturers for white-collar employees.
In a new boost, Ford production workers will receive a $1,500 voucher toward the purchase of a new vehicle.
The UAW will also provide details of Stellantis’ investment plans through 2028, including its agreement to reopen a Belvidere, Illinois, assembly plant with two shifts to build a new midsize truck and a new battery plant. Stellantis has also committed to making new investments in plants around the country, including its engine plant in Trenton, Michigan, and a parts plant in Toledo, Ohio.
The UAW said this week that Stellantis’ investment commitments total roughly $19 billion, though that includes some previously announced plans.
This is a major development in the ongoing labor dispute between the UAW and Stellantis. If ratified by members, this agreement will mark a major victory for workers and bring much-needed stability to the auto industry.
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