The United Auto Workers (UAW) and Chrysler have recently reached a new agreement that will benefit both the automaker and its workers. The contract highlights several changes that have been made to improve the working conditions and job security of Chrysler employees. Let’s dive into the details of this agreement.
As part of the new contract, all UAW-represented workers will receive a 3% base wage increase immediately and another 4% increase during the third year of the contract. The agreement also includes an additional $8,000 in bonuses for eligible employees.
The new UAW-Chrysler contract includes a commitment that the automaker will invest $5.3 billion in its U.S. manufacturing facilities. The investment aims to provide long-term job security and increase the production of electric and hybrid vehicles. In addition, the agreement includes a moratorium on plant closures and downsizing for the duration of the contract.
One of the most significant benefits of this new contract is the improved healthcare coverage for UAW-Chrysler workers. The agreement includes a reduction in the out-of-pocket maximum for family healthcare coverage, a $25 increase in dental coverage, and vision coverage with a $25 copay.
Profit-Sharing and Retirement Benefits
Eligible employees will continue to receive profit-sharing payments as part of the new contract, ensuring that workers share in the company’s success. The new agreement also includes an improved 401(k) plan, with increased employer contributions and the option for employees to make after-tax contributions to their retirement accounts.
Overall, the new UAW-Chrysler contract highlights the automaker’s commitment to its employees` job security, wages, and benefits. The agreement has been approved by union leaders and will now be voted on by union members. If approved, the contract will be effective until September 2025.