Ford To Pay Workers $6,000 Bonus In New Contract

Ford and UAW contract $6,000 bonus
Ford and UAW contract $6,000 bonus

By Dee-Ann Durbin and Tom Krisher

DETROIT (AP) -- The union that once set the gold standard for American wages is giving up pay raises in exchange for a piece of the auto industry's profits and the promise of thousands of new jobs.

Under agreements struck with Ford and General Motors, most of the companies' factory workers will get profit-sharing checks instead of annual raises. They'll also get a signing bonus. In turn, the automakers will increase their workforces and invest billions more dollars in their factories.