What Does Stellantis's New Labor Contract Mean for Investors?
At this point, it's all over but the accounting.
On Monday, Oct. 30, 2023, the United Auto Workers (UAW) labor union representing workers at Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), and Stellantis (NYSE: STLA) called a halt to its six-week-long strike at Big 3 automakers automotive plants. The return to work followed GM's agreement this week to join Ford and Stellantis in offering UAW workers an historic deal -- more pay raises over the next four years, than they've received in the past two decades combined.
The pay hikes won't go into effect until UAW workers ratify the contracts, a process that could take a few more weeks to happen. But once it does happen, unionized American autoworkers can expect to receive a total increase of 25% to their maximum hourly wage over the next four years. Additionally, the time to rise from entry-level wages to the top will shrink to just three years.
Source Fool.com
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