BUSINESS BRIEFING / AUTOMOTIVE
Times Wire Reports
Unionized workers at Ford Motor Co. have approved contract changes that include freezing wages and cutting benefits to help the automaker remain competitive.
The United Auto Workers said a majority of hourly workers voted in favor of modifications to the 2007 contract with Ford, eliminating cost-of-living increases and cash bonuses.
The agreement is expected to be a model for Chrysler and General Motors Corp., which need to bring their labor costs in line with those of foreign auto companies’ plants in the U.S. as a condition for the $17.4 billion they have received in federal loans so far.
