Sports car manufacturer Aston Martin is to increase pay for more than 2,500 eligible UK employees and contractors.
The two-year pay agreement includes a 4% annual pay increase for its workforce in 2024 and 2025. In addition, manufacturing technicians will receive a 1.5% rise in 2025 alongside a one-hour reduction in working time across their working week, in order to boost productivity and support employee wellbeing.
All eligible employees will also receive a one-off payment of £1,000 in recognition of the continued high cost of living.
The deal was achieved following talks with trade union Unite. It was accepted by members following a successful ballot.
Simon Smith, chief people officer at Aston Martin, said: “Achieved through our positive working relationship with trade union colleagues, this new agreement recognises our commitment to putting people at the very heart of our organisation and making Aston Martin a great place to work. It builds on our continued support for employees with the high cost of living and throughout the Covid-19 pandemic.
“In addition to rewarding our skilled and dedicated employees, this agreement also promotes talent retention, providing labour certainty for the business as we enter an important period of production, with the ramp up of new models that will support the organisation’s financial goals in 2024 and beyond.”
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A spokesperson for Unite added: “Following lengthy negotiations between Unite and Aston Martin Lagonda, members have voted in large majority to accept the two year pay deal. Unite believes that this deal promotes the working relations built with Aston Martin, along with delivering a substantial pay rise and improvements on the work-life balance of our members, promoting wellbeing.”
Last year, Aston Martin launched an employee share scheme, awarding all staff a stake and opportunity to share in its success.