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Ratification Is Unclear for New Tentative UAW Contract With Fiat Chrysler

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NEW YORK (TheStreet) -- Details from the tentative contract reached between Fiat Chrysler Automobiles (FCAU) and the United Auto Workers union showed that the automaker has agreed to raise the wages of entry level workers to that of older veterans.

Under the terms of the agreement, which still must be ratified by 40,000 or so FCA hourly workers, the top hourly wage of so-called Tier 2 -- who were hired after 2007 -- will rise to $29 an hour over a span of eight years. That wage compares with $25.35, which was rejected by the members by a 65-35 margin, and with $19.28, the previous top wage.

The UAW agreed to a second, lower wage tier for new hires at FCA, Ford (F - Get Report) and General Motors (GM - Get Report) prior to the global financial crisis to help a Detroit-based auto industry facing increasing pressures. Now that the companies are profitable, the union has made an end to the system a priority.

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