Ford says new UAW pact gives it parity with foreign makers

DETROIT -- UAW members approved the concessions in voting that ended Monday. The changes freeze wages and cut certain benefits, such as the jobs bank for laid-off workers.

Ford is releasing details of the agreement, which also allows payments to a union-run trust for retiree benefits to be paid in stock rather than cash. The company is trying to bring its costs in line with slowing demand as it weathers the worst auto sales downturn in 27 years.

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Ford is the first to make changes to its UAW contract. General Motors and Chrysler have yet to get contract concessions.