UAW members ratify new FCA contract

After overwhelmingly voting down the first version of their union’s tentative agreement with Chrysler last month, auto workers have ratified the second version, with 77 percent reportedly voting yes.

Industry experts say there are a few differences between this offer and the first offer including adjustments to the two tier pay scale, wages and health care issues.

Also included in the new deal is the possibility for entry-level workers to receive up to $29 per hour over eight years – eliminating the two-tier pay scale that compensated workers at a significantly lower level than senior colleagues.

“The UAW announced today that it will pursue a contract for UAW-GM members in the next round of Big Three bargaining as negotiations continue at Ford”, commented the UAW hours after announcing the positive result of the ratification process for FCA voters.

Approving this deal will enable UAW president Dennis Williams to force GM and Ford for a better proposal. (NYSE:MAN) as the shares crashed down -2.98% to settle at $85.05 in last trading action following opening the session at $85.55. The newsletter also states, “No future product has yet been identified beyond the product life cycle” at the Connor plant. Morgan Stanley assumes its view on Fiat Chrysler Automobiles N.V. (NYSE:FCAU) according to the research report released by the firm to its investors.

GM and Ford have both reported record quarterly profits in North America this year as low gas prices have fueled surging demand for their lucrative trucks and SUVs.

UAW officials say they will now turn their attention to General Motors. GM and Ford (NYSE:F) have fewer of those workers, and that could offset the cost of similar deals. In fact, low-pay and precarious part-time and temporary employment have become the “new normal” not just for autoworkers, but for workers throughout the U.S. economy.

The four-year pact will allow workers hired since 2007 to earn up to $28 an hour with the automaker. The UAW, which remains the largest shareholder of GM stocks, has a direct financial incentive to increase the exploitation of workers, boosting corporate profit and shortening the life expectancy of retired workers.

“My friends are telling me they don’t like it; they think there are still too many questions but they are voting for it”, said a Belvidere, Ill., plant worker.