Alcoa Gets Union Approval for Labor Deal, Including 5% Pay Rise (6,000 staff at 11 U.S. plants)

[Omaha Steve]

Source: Bloomberg

By Edmond Lococo (Bloomberg) -- Alcoa Inc., the largest U.S. maker of aluminum, won approval from the United Steelworkers union for a proposed labor contract including a 5 percent pay increase.

The accord through May 15, 2014, covers almost 6,000 staff at 11 U.S. plants run by New York-based Alcoa, the union said in a statement today. Employees get lump-sum payments of $2,750 in lieu of higher wages in the first two years, followed by a 5 percent pay increase for the second half of the agreement.

Contributions to family health plans by workers, who haven’t held a labor strike since 1986, will expand to $47 a week from $32 over four years. They will receive a $1,250 signing bonus for approving the accord by June 30.

“Under the circumstances we believe that this agreement is the best we can achieve, and sees us through the bad times, preserving our most important gains,” the union said in a June 15 message to members recommending they vote for the deal.

Read more: http://www.businessweek.com/news/2010-06-25/alcoa-gets-union-approval-for-labor-deal-including-5-pay-rise.html

[boomerbust]

1. Sounds like

A pretty good deal to me.

[xchrom]

2. Recommend

[groundloop]

3. Sounds reasonable