- This will be for more than 2,500 employees and contractors.
- Manufacturing technicians will also receive a 1.5 percent raise in 2025
Aston Martin will increase the annual pay of thousands of workers across the UK after reaching a new long-term deal following union talks.
The British luxury car maker will increase wages by 4 percent for more than 2,500 employees and contractors at its UK manufacturing plants and offices by 2024 and 2025.
All eligible employees will also receive a one-off payment of £1,000 due to the continued high cost of living, while Manufacturing technicians will receive a 1.5 percent pay increase in 2025. along with a one-hour reduction in the work week.
Aston Martin said it will increase pay by 4 percent for more than 2,500 employees and contractors at its UK manufacturing plants and offices by 2024 and 2025.
In a statement, a Unite spokesperson said: “Following lengthy negotiations between Unite the Union and Aston Martin Lagonda, Unite members have voted by a large majority to accept the two-year pay deal.”
Simon Smith, Aston Martin’s chief people officer, added: “Achieved through our positive working relationship with union colleagues, this new agreement recognizes our commitment to putting people at the heart of our organization and making Aston Martin a great place to work.”
‘It builds on our continued support for colleagues facing the high cost of living and during the Covid-19 pandemic.
“In addition to rewarding our skilled and dedicated employees, this agreement also promotes talent retention, providing job security for the business as we enter an important period of production, with the rise of new models that will support the company’s financial objectives. company in 2024 and beyond.’
The pay deal comes as a shake-up of its operations: Aston Martin has been reducing production of certain models, while preparing to launch new ones.
Last month, Aston Martin posted a larger-than-anticipated loss amid a 63 percent drop in sales of its lucrative DBX SUV.
The company maintained its outlook for 2024 and reported an adjusted pre-tax loss of £111 million for the three months ended March 31, down from a loss of £57 million a year ago.
Aston Martin’s total average selling price for the period was £253,000, up from £213,000 a year ago, boosted by “special” deliveries of the £3.5m Aston Martin Valkyrie Spider and its Old Lady Valor supercar £1.5 million school.