Summary Box: Chrysler, UAW agree on new contract

AP News
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Posted: Oct 12, 2011 5:42 PM
Summary Box: Chrysler, UAW agree on new contract

CHRYSLER CONTRACT: Chrysler Group LLC and the United Auto Workers agreed on a new four-year contract after months of bargaining and fierce debates over bonuses and other issues.

THE DETAILS: If they ratify the deal, the 26,000 Chrysler workers covered by the contract will get a $3,500 signing bonus and profit-sharing checks once the company is profitable again. But most won't get annual raises. Chrysler promises to invest $4.5 billion in its U.S. factories and hire up to 2,100 new workers.

WHAT'S NEXT: Chrysler workers must ratify the deal. Voting is expected to take about two weeks.