(CNN) — “Ford and the United Auto Workers union reached a tentative labor deal, according to the union. It is an important first step in ending the union’s unprecedented strike against three major US automakers.”

This deal will not go into effect until the 57,000 UAW rank-and-file members at Ford ratify the deal.  This process is likely to take a week or more.  This deal does not include strikes with GM and Stellantis.

This deal is expected to give Ford’s workers a 25% pay hike over the next four years and a half years.  “It also returns a cost-of-living adjustment to the contract that will protect workers from rising prices. When the cost of living adjustment is combined with the guaranteed pay increases, workers are expected to see pay increases of 30% or more during the life of the contract.”

This story is developing and will be updated.

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