DETROIT: Ford Motor Co said on Monday it will incur a $600 million expense this year tied to its new four-year contract with the United Auto Workers union in the United States.
The expense is consistent with the company's previously stated expectations for 2015, according to a statement issued by Ford.
Most of the $600 million expense are tied to a ratification bonus for the company's nearly 53,000 UAW members. That bonus works out to $10,000 per worker, including $1,500 in 2016 profit sharing. The UAW announced on Nov. 20 that its members at Ford had narrowly voted to ratify the new four-year contract.
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