United Auto Workers union ratifies contract with Ford

ford f150 assembly line

Nearly 150,000 autoworkers are getting a raise.

The United Auto Workers union on Friday night said it had ratified a contract with Ford Motor.

The details of the Ford (F) contract were not immediately disclosed, but it was expected to be similar to contracts ratified earlier by General Motors (GM) and Fiat Chrysler (FCAM).

One of the biggest issues in the negotiations with the three automakers was closing the wage gap between veteran workers and more recent hires.

Ford had reached a deal with the UAW earlier this month but it hadn't been ratified by members until Friday -- 51% voted in favor.

The UAW-Ford deal comes after a resurgence in car sales and profits. That's one of the issues workers have raised -- many hadn't received a raise in over a decade despite economic strength within the industry.

The Ford proposal, which covers more than 52,000 workers, is considered the most generous of the three deals between the union and the automakers. It was dubbed one of the "richest agreements in the history of UAW-Ford" by the union.

It's believed to include signing bonuses, lump sum payments and profit sharing plans for workers.

Related: Ford to invest $9 billion -- in U.S. plants this time

Negotiations with GM were in limbo because the proposed contract was rejected by skilled trades workers. It applies to more than 52,000 autoworkers at GM and was ratified Friday after changes were made to address the concerns of the skilled trades workers.

The UAW deal with Fiat Chrysler was ratified in late October. It provides veteran workers with immediate and long-term raises, as well as bonuses and profit-sharing payments. It also gives raises to more recent hires and will provide health benefits to retirees.

The Ford proposal, which covers more than 50,000 workers, is considered the most generous of the three deals. It was dubbed one of the "richest agreements in the history of UAW-Ford" by the union.

The terms of the Ford contract have not been disclosed.

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