Ford has reached an agreement with trade unions. There will be a record pay increase

The Ford workers' strike associated with the United Auto Workers lasted almost six weeks.

On Wednesday, October 25, an agreement was concluded between the United Auto Workers and Ford Motor negotiators. The negotiated collective agreement will provide workers with a record pay increase.

UAW President Shawn Fain, quoted by the Polish Press Agency, announced that a four-year plan involves a 25-percent raise. However, it must first be approved by the leaders and members of the trade unions.

This will be the first resolution of workers' strikes against Ford, General Motors, and Stellantis companies, which started on September 15. So far, around 45,000 people have participated in the protests.

President Joe Biden congratulated the negotiators from Ford and UAW who "reached a historic agreement after tough negotiations conducted in good faith," reports PAP.

The decision came after the UAW went on strike at the most profitable GM assembly plant in Arlington, Texas, the Ford heavy pickup factory in Kentucky, and the Ram Stellantis pickup factory in Sterling Heights, Michigan.

Anderson Economic Group reports that the economic losses caused by protests have been estimated at $9.3 billion so far.