🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

UAW workers ratify US labor deal with Daimler Truck

Published 05/05/2024, 06:42
Updated 05/05/2024, 06:45
© Reuters. FILE PHOTO: A person wearing a T-shirt that has "UAW member" written on it is pictured as the result of a vote comes in favour of the hourly factory workers at Volkswagen's assembly plant to join the United Auto Workers (UAW) union, during a watch party i
VOWG_p
-

By David Shepardson

(Reuters) -Members of the United Auto Workers on Saturday ratified a new labor contract with Daimler Truck that includes at least a 25% general wage increase over the four-year deal.

The vote was 94.5% in favor of the new contract, which covers more than 7,300 hourly UAW workers after a tentative agreement was reached in late April, averting a strike at the 11th hour.

The contract covers hourly workers at six facilities in southern states where unionization has traditionally been low, including four factories in North Carolina and parts warehouses in Georgia and Tennessee.

The deal with the German truck maker, which was spun off from what is now automaker Mercedes, comes just about two weeks before votes on whether to join the UAW will be tallied at a Mercedes assembly plant in Alabama.

The deal also includes profit-sharing and cost-of-living adjustments for workers at the maker of Freightliner and Western Star trucks and Thomas Built buses as well as the end of wage tiers that paid those building buses less than those building heavy trucks.

UAW President Shawn Fain said the pay hike matched what workers at the Detroit Three received in talks last fall.

Workers will receive an immediate 10% pay raise, followed by 3% increases six months and 12 months later, Fain said.

The lowest paid workers at Daimler's Thomas Built bus unit will receive raises of more than $8 an hour and some skilled trades workers at there will get more than $17 an hour, Fain said.

© Reuters. FILE PHOTO: A person wearing a T-shirt that has

Since the deals last fall with the Detroit Three, the UAW has turned its efforts to organizing non-union U.S. plants of more than a dozen automakers.

The UAW clinched a historic victory at a Volkswagen (ETR:VOWG_p) auto plant in Chattanooga, Tennessee, last month, and workers at a Mercedes auto factory in Vance, Alabama and a nearby battery plant in Woodstock, are going to vote on whether to join the union during the week of May 13.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.