The United Automobile Workers (UAW) union have reached a proposed tentative agreement on labor contracts with Ford Motor Company, according to a press release issued by the UAW.
The bargaining team of UAW has voted unanimously to send the proposed tentative agreement to local union leaders who make up UAW's National Ford Council (NFC) for review.
UAW said in the press release that they were able to secure job security and substantial economic gains for members.
UAW was also able to get other contractual gains in the tentative agreement for members.
Dennis Williams, the president of UAW, said in the press release that they are appreciative of the solidarity that their members have shown while they work reaching proposed tentative agreement.
"We negotiated for a proposal that will solidify job security and create substantial economic gains for our hard-working members and their families," he said.
Jimmy Settles, the vice president of UAW, adds in the press release that the tentative agreement is significant for their members.
He said that "it creates a clear path for economic advancement for active members and rewards veteran employees for their sacrifices in recent years. It is one of the richest agreements in the history of UAW-Ford."
The New York Times adds that UAW is nearing the conclusion of its groundbreaking labor talks with a tentative agreement with Ford in place and General Motors Company workers on the verge of approving their agreement.
The union began its labor talks with the Detroit carmakers this summer.
The New York Times adds that Fiat Chrysler Automobiles was the first automaker to settle with the union regarding labor contracts of its workers.
The workers at Fiat Chrysler rejected the initial contract proposal last month, but the union was able to get better terms for its members after they resumed bargaining with the automaker.
The New York Times adds that the provision to have entry-level workers eventually reach wage parity with long-term employees was the key component of the revised agreement.
When Fiat Chrysler approved the agreement, it set a template for the contract negotiations with GM and Ford.
UAW said in the press release that once the NFC has approved the tentative agreement, it will be immediately presented to the UAW-Ford members for ratification.
The NFC is set to meet in Detroit on Monday, November 9, 2015, at 10 a.m.
