UAW autoworkers voted to approve a new four-year contract with U.S. automakers, according to a statement from the union published late Monday.
The contract, which will impact more than 156,000 workers, was reached over the weekend and requires final ratification by all three automakers. It includes pay increases, new pension plans for veteran autoworkers, and an $11,000 ratification bonus for production workers. It also requires the hiring of 5,400 new workers and invests in products priced below $30,000.
The decision to approve the contract reflects a desire for a sense of stability and security among autoworkers, who have been particularly uneasy in recent years, as U.S. automakers have shifted production and jobs to Mexico.
In a statement responding to the vote, UAW president Dennis Williams said, “This agreement respects the skills of our members, recognizes their past contributions to the manufacturing mayhems, provides a solid foundation for our future manufacturing success, and ensures that our members’ hard-earned wages, benefits, and retirement security will remain among the best in the automotive manufacturing industry.”