The United Auto Workers (UAW) union has announced that after months of negotiations, its members have officially ratified a new four-year contract with General Motors, Ford and Fiat Chrysler Automobiles, officials said.
The contract, which still needs to be formally presented to the automakers for their approval, will increase wages and benefits for UAW members, including a health insurance plan and an employee profit-sharing bonus plan.
Workers will also receive a raise of approximately 4% over the next four years, and they will receive annual bonuses if the automakers meet their anticipated performance targets.
The contract also includes commitments from the automakers to invest more than $9 billion in the U.S. over the life of the contract to ensure the production of the most advanced, safe and secure vehicles in the world.
The final tally revealed that UAW members voted in favor of the contract by a wide margin. Union representatives said that the results showed a unity among the members who are eager to see the current momentum in the industry continue.