NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) - Get Report stock is advancing by 8.03% to $13.19 in midday trading on Wednesday, as employees represented by the United Auto Workers will likely reject a new four-year contract that would increase wages for members and narrow the pay gap for second-tier workers.
Around two-thirds of the automobile manufacturer's 40,000 employees have voted on the pact, and the Belvidere, IL plant that makes the Dodge Dart votes today, Bloomberg reports. Few have approved the contract, and a Detroit Free Press analysis published on Wednesday reveals that the deal will not pass.
Rejection of the deal, which was initially reached on September 16, could ultimately result in a less desirable contract for the union, Art Wheaton, professor of labor at Cornell University, told Bloomberg.
"A rejection says to the bargaining committee that we no longer have faith in you," Wheaton told Bloomberg. "It hurts their power at the negotiating table with [Fiat Chrysler CEO] Marchionne. It says you don't even know your members. And remember: Going back to get more doesn't mean you get more. Frequently it means you get less."
Fiat Chrysler workers are hoping for an elimination of the tier system, greater transparency about a new health-care cooperative and more information about the company's investment plans, according to Bloomberg.
The UAW is also negotiating contracts with General Motors (GM) - Get Reportand Ford (F) - Get Report , and UAW President Dennis Williams had hoped to leverage the agreement with Fiat Chrysler to get more lucrative agreements with the other companies, Bloomberg adds.