The United Auto Workers and Ford Motor Company reached a formal agreement.

The United Auto Workers and Ford Motor Co. reached a formal agreement. After reaching a preliminary agreement earlier this month, the United Auto Workers passed it on Friday with a 56.3 percent vote. Approval of the agreement requires only a simple majority.

Rory Gamble, acting president of the American Automobile Workers Union, called it a victory for All Ford employees. For many, it’s a life-changing contract that provides a template for all future Ford Workers Union members to become full-time, first-class members. There will be no permanent temporary employment, and there will be no permanent level.

By the end of the four-year deal, every current full-time and temporary worker will be at the highest level of full-time status. Full-time employees receive a $9,000 approval bonus and temporary employees receive $3,500. In addition, there will be two 3 per cent pay increases per year and two one-time payments will increase by 4 per cent. Health care costs will also remain the same, another major victory for the union.

Still, Ford won some of the victories. The approved deal gives Ford full authority to shut down the Romeo engine plant in Michigan, which lost 600 jobs in the area but would move elsewhere. GM said the move would help it make better use of capacity at its powertrain plants. You can also increase the use of temporary workers and use new retirement platforms to control labor costs. Finally, there has been no increase in the amount of workers’ pensionpayments.

Under the new deal, Ford will also invest $6 billion in U.S. plants, which will create or retain 8,500 jobs. However, the carmaker has not disclosed any investment plans or its near-term product plans.

The United Auto Workers and Ford Motor Company reached a formal agreement.

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