DETROIT -- Union workers at Ford Motor approved contract changes including a wage freeze and a cut in benefits to help the automaker be competitive, according to USA Today.
The United Auto Workers said Monday that nearly 60% of workers voted for the Ford (F) changes including eliminating cost-of-living raises and cash bonuses.
The deal is expected to be a model for Chrysler and General Motors, which must bring their labor costs in line with foreign-owned U.S. auto plants as a condition for their federal loans. They've received $17.4 billion and asked for $21.6 billion more.
The move came as four members of President Obama's autos task force overseeing government loans spent much of the day Monday in Detroit gathering information on GM and Chrysler's operations.



