Tentative John Deere Deal Shows Momentum for Worker Movement
- Deal has no new retirement tiers, according to UAW document
- Workers would also receive a ratification bonus of $8,500
Deere & Co. workers hold signs during a strike outside the John Deere Des Moines Works facility in Ankeny, Iowa, on Oct. 15.
Photographer: Rachel Mummey/BloombergThis article is for subscribers only.
A tentative deal struck between Deere & Co. and the United Auto Workers union offers substantial improvements over one that workers rejected before going on strike, including larger wage increases, no new tiers to retirement benefits and a signing bonus of $8,500.
The deal, which is subject to approval by union membership, suggests that John Deere backed down rather than get drawn into a protracted work stoppage with farm equipment demand at the strongest in a decade and earnings at a record.