Auto Workers Approve Ford Contract: The United Auto Workers union said hourly employees at Ford Motor Co. plants voted 2 to 1 in favor of the new three-year contract, which the UAW hopes will serve as a pattern for Chrysler Corp. and General Motors Corp. The voting in Ford’s 43 local plants has been conducted since the company and union reached a tentative agreement on a new deal Sept. 15. The UAW represents about 97,000 workers at Ford. The highlights of the contract include a base wage increase of 3% in the first year, followed by lump-sum increases of 3% in the second and third years. New hires will start at 70% of the current wage and reach parity in three years. Ford shares fell $1 to $55.25 on the NYSE.
From Times Staff and Wire Reports