The tentative agreement between the UAW and Ford Motor Co. comes with a special separation package being offered to hourly workers.
Listed on page 13 of a 36-page document called the UAW “highlighter” is a $50,000 buyout for an unlimited number of UAW members.
“Your UAW bargaining committee was successful in negotiating enterprise-wide buyoutofferings for our legacy members,” the document says. “The Special Retirement Incentive (SRI) will be for $50,000 (gross pretax) for an unlimited number of eligible production and skilled trade members. The sign-up period for the SRI will be determined by the national parties and all eligible applicants will be required to retire during the 2024 calendar year.”
The eligible parties must retire by Dec. 1, 2024, according to the summary.
What isn’t listed on the UAW website is who is eligible to apply for the retirement bonus. The Detroit Free Press confirmed who may apply with a UAW source not authorized to be speak on the matter:
- Workers with 30 or more years of credited service
- Workers age 55 or older with 10 or more years of credited service
- Workers age 65 years or older with one or more years of credited service.
Ford has many UAW employees whose family members have worked for “Ford’s” for generations.
Roderick Williams, 70, of Westland told the Free Press in June that he planned to retire soon but didn’t know when. He had been reporting to the Dearborn Truck Plant since 1970.
“I’ve been in the Rouge complex all my existence. When I first started out, I didn’t care for it. The work was hard,” said Williams, a second-generation factory worker. “Ford gave me a life that endured through time.”
Williams has hit his 53-year mark and has not retired, Ford spokeswoman Jessica Enoch confirmed on Wednesday.
“I do my job. I get up at 3:55 and start work at 5:30 a.m.,” he told the Free Press in June. “I’m just grateful of the fact that I was able to endure, to enjoy what I’m doing coming in every day.”
The UAW strike on the Detroit Three began Sept. 15. Ford reached a tentative agreement on Oct. 25. Some 57,000 union members who work for Ford began the ratification vote on Wednesday. The process is expected to last until mid-November.
More: UAW releases Ford factory plans from 2023 tentative deal: Which plants get what products
There’s a reason UAW pushed so hard for Ford deal first, analyst says
Contact Phoebe Wall Howard: 313-618-1034 or [email protected]. Follow her on X, the site formerly known as Twitter @phoebesaid. Meet the Free Press team covering the UAW strike.
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
