
The main US car union has agreed to allow Ford to cut the wages of a fifth of its staff in half in exchange for greater job and benefits security.
Ford will freeze outsourcing and pay $15.4bn (£7.4bn) toward medical benefits for its retired workers.
These provisions helped Ford to broker a reduction in the hourly pay of entry-level employees to $14.20 an hour, half the current level of $28.88, which it will be able to pay to 20% of its workforce.
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