Ford Gives Pay Raise To 8,000 UAW Workers

(RTTNews) - Auto giant Ford Motor Co. (F) Thursday announced that it has raised the pay of 8,000 US hourly workers represented by the United Auto Workers union just a week before its union contract expires.

Employees now has received an increase of $4.33 per hour on average, or about $9,000 per year - with overtime, the average annual pay increase could top $10,000.

"These pay raises are an example of Ford's commitment to improving the lives of our hourly workforce," said Bryce Currie, Ford vice president, Manufacturing. "The negotiating teams nicknamed this deal '23 Jump Street' because in 2023 a significant number of UAW-Ford team members would see a jump in pay. And we are offering further improvements in the next contract."

The pay hikes were negotiated by Ford and the UAW in 2019 to shorten the time it takes workers to reach the average top wage rate of $32 an hour.

Normally, growing into the top wage rate takes eight years, but with this agreement, 8,000 employees reached the top wage rates with as little as four years on the job.