(Reuters) – British luxury car maker Aston Martin said on Monday it will raise annual wages by 4% for more than 2,500 employees and contractors at its UK manufacturing sites and offices in 2024 and 2025.
The London Stock Exchange-listed company’s technology technicians will also receive a 1.5% raise in 2025, as well as a one-hour reduction in their working week, it said.
All eligible employees will also receive a one-off payment of £1,000 ($1,271.60) due to the continued high cost of living, Aston Martin added.
“Following lengthy negotiations between Unite the Union and Aston Martin Lagonda, Unite members voted overwhelmingly to accept the two-year salary agreement,” a Unite spokesperson said in a statement.
The pay deal comes as Aston Martin ceases production of older models ahead of ramping up production of new models later this year.
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