Ford CEO Jim Farley discussed the proposal Tuesday outside an event unveiling the new F-150 ahead of the North American International Auto Show in Detroit.
"Pay increases, elimination of tiers, inflation protection, five weeks of vacation, 17 paid holidays, bigger contributions for retirement," he said.
Though this offer includes pay increases and inflation protection, Farley did not go into specifics about those numbers. Other automakers have also offered inflation protection in the form of lump sum payouts. In a previous offer rejected by the UAW, the automaker offered protection from inflation for wages.
Farley called the new deal a "significant enhancement."
"(We're) still optimistic that we'll get a deal, but there is a limit," he said.
The union is asking for a 46% pay raise, a 32-hour work week with 40 hours of pay, the tier system removed, and restoration of traditional pensions for new hires, among other demands. See what they want here.
All proposals from Ford, General Motors, and Stellantis have been rejected by the UAW for being insufficient.
Ford's offer that was rejected earlier this month included a 15% guaranteed combined increase in wages and better benefits over the life of the contract. Also, wages along with overtime and bonuses, would jump from under $80,000 last year to $92,000 in the first year of the deal.
"Ford’s wage proposals not only fail to meet our needs, it insults our very worth," UAW President Shawn Fain said of that rejected proposal.
The union has not responded to Ford's newest offer.
Automakers and the UAW have until 11:59 p.m. Sept. 14 to reach a deal or workers will go on strike.