The question now is how this might affect ongoing strikes with GM and Stellantis.
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Honks of celebration and cheers rang out near the Chicago Ford Assembly Plant on South Torrence Avenue upon news of a tentative deal struck between the UAW and Ford after a weeks-long strike.
"We've said that record-profits mean record contracts, and, UAW family, our Stand Up Strike has delivered," UAW President Shawn Fain said.
Key takeaways from the tentative deal included a 25% pay increase over the course of the agreement and improved benefits, like cost-of-living allowance and annual bonuses to retirees.
"It looks like it's going to be a record contract," said Scott Houldieson, with UAW Local 551.
Houldieson has worked at Ford for over three decades as an electrician, and said this new deal could be a game-changer for working families.
"We know what we were fighting for, but we really are here to provide for our families and to keep our communities strong," Houldieson said.
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The UAW's agreement comes as the union's strike with Stellantis and GM continues.
"If it is ratified by the rank-and-file, it will certainly set a target for the other two companies, General Motors and Stellantis, to meet," said Robert Bruno, professor of labor and employment relations at the University of Illinois. "This gets us closer to the finish line for sure."
He said UAW's agreement with Ford will likely expedite a deal with Stellantis and GM, giving the union leverage, and boost morale for thousands of workers still on strike at major plants.
"It's a strong signal to the other two companies that they're at a real disadvantage if they are unable to get their people back to work, but Ford is operating and producing high-volume, high-profit trucks," Bruno said.
Before taking effect, the deal still needs to be ratified by a majority of Ford's 57,000 UAW members.
But hopes are high that the strike at Ford could be coming to a close.