US-based automobile manufacturer Ford Motor would pay $750m to the workers as separation benefits for closing its Genk plant in Belgium.
The losses incurred by the company in Europe prompted the closing of the plant, which is scheduled to take place at the end of 2014.
The company had reached an agreement with the worker's union of the plant, where the Mondeo sedan was manufactured.
Ford said in a regulatory filing that it has completed negotiations with representatives of hourly employees at the Genk facility regarding separation benefits, and the resulting proposal has been approved by a majority vote.
The closure of the Genk plant will affect its 300 salaried and 4,000 hourly employees.
An average of $187,500 will be paid for each of the hourly worker, while negotiations are currently under way between the carmaker and the plant's 300 salaried workers over severance pay.