Ford Workers Approve Wage Freeze, Other Cost-Cutting Moves in Union Contract
March 9, 2009 - 2:14 PMThe 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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