Details emerged Wednesday of the labor agreement between the United Auto Workers and Fiat Chrysler Automobiles. The overall contract is similar to the one agreed to by Ford last month.
The four year contract includes:
- Signing bonus of $9,000 for full-time employees, $3,500 for temporary workers.
- Full-time workers can now reach the top pay bracket in four years rather than the current eight.
- FCA will create 7,900 jobs through 2023 which includes the 6,500 jobs already announced for a new plant in Detroit.
- $9 Billion in U.S. manufacturing investments.
- Dissolution of the jointly-run National Training Center, the focal point of a federal corruption investigation.
- An increase in profit sharing from $800 per percent of N.A. profit margin to $900 per percent.
- "In-progression" employees will now get the same healthcare as senior hourly employees.
FCA will also offer $60,000 retirement packages to eligable workers in Belvidere Assembly, Marysville Axle, Mount Elliot, and a parts-distribution center in Wisconsin. UAW leaders from the various plants are meeting in Detroit to review the deal and decide whether to send it to the rank-and-file membership as a whole for ratification. If approved for voting, it will likely start on Friday and take a week to complete.
FCA is the final of the domestic auto manufacturers to complete their deal with the UAW.