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Sergio Marchionne

UAW leaders approve richer Fiat Chrysler contract

The United Auto Workers union unveiled a richer proposed contract with Fiat Chrysler on Friday, a week after angry union members voted down a previous agreement. The new agreement would gradually eliminate a much-maligned tiered pay system and bring all U.S. factory workers to the same wage over eight years. The previous agreement had only promised a top wage of $25.35 per hour for lower-tiered workers by 2019, which is less than the $29.76 per hour that longtime workers would make at that point. The union agreed to lower wages for new hires in 2007, a few years before Chrysler fell into bankruptcy protection. But members have resented the varying pay, and the company's current CEO,...