Canadian labor union Unifor ratified a new contract with Ford on Sunday, in a move that could add pressure on the Big Three automakers to reach an agreement with striking auto workers in the U.S.

Unifor, the largest private-sector union in Canada came to an agreement with Ford on Sunday that increases wages, reinstates the Cost of Living Allowance (COLA), and enhances benefits such as pensions and time off.

“This contract will change l🍨ives in a pr💦ofound way. It fundamentally transforms pension plans, provides protections during the EV transition and includes the highest wage increases in the history of Canadian auto bargaining,” Unifor National President Lana Payne said in a release. 

Unifor's deal has several aspects in common with the demands of the United Auto Workers (UAW) union in the U.S. and could be good news for UAW. “The quick resolution in Canada shows that Ford is willing to negotiate,” which puts pressure on the Big Three, said Sam Fiorani, the vice president of global vehicle forecasting at AutoForecast Solutions. 

The Unifor and Ford deal comes just days after the UAW 𒁃expanded its stand-up strike against General Motorꦓs and Stellantis, but sparedꦅ Ford as the union said it was making progress in negotiations.

The UAW's demands similarly include raising wages, reintroducing the COLA, and improvements to pension and retirement benefits. However, Fiorani noted that the American union’s demands are somewhat wider than those of their Canadian counterpart, in part because the "UAW has to focus on the medical side,” on top of the wage increases, COLA, and other benefits, while Unifor's members have access to 澳洲幸运5官方开奖结果体彩网:Canada’s socialized health plan.

While th💃e two unions do not face identical challenges, the win for Unifor could have a positive impact on the UAW, Fiorani said, suggesting that the gains in pension and retire🎶ment benefits could “trickle down” to help the UAW.  

Shares of Ford (F) and GM (GM) were about 1% higher, while Stellantis (STLA) shares were 1% lower in intraday trading on Monday as of 2:30 p.m. ET.