DETROIT, Sept. 16 (UPI) -- General Motors was the only one of Detroit's Big Three automakers still in need of an agreement with the United Auto Workers on a new four-year contract.
Ford Motor Co. as well as it former parts operation, Visteon Corp., reached a tentative deal Monday, 24 hours after DaimlerChrysler AG's Chrysler Group announced its agreement.
"We are pleased with the settlement, and we just move forward from there," said UAW President Ron Gettelfinger, who called the Ford negotiations "very difficult and challenging."
People familiar with the deal at DaimlerChrysler AG's Chrysler Group told the Detroit Free Press there is no wage increase in the first year of the contract beyond a cost-of-living adjustment.
However, there was a $3,000 signing bonus. The automaker gets flexibility to close money-losing plants and transfer workers.
In the second year of the contract there is a cash bonus equal to 3 percent of a worker's annual pay and 2 percent and 3 percent wage increase the subsequent years.
Ford's agreement was reported to have similar provisions.
