Here is what workers voted on Tuesday:
Wages
According to a contract summary, workers would receive an immediate 10% increase in wages in the first year and an additional 5% in the third and fifth years. But some of that increase is tied to inflation through cost of living adjustments (COLA), which have the potential to change.
The proposed COLA would adjust every three months with inflation. The first adjustment would be effective in December.
On the second, fourth, and six years, workers would get 3% lump sum payments. Upon ratification of the contract, workers would receive a $8,500 bonus.
Health care
There would be no changes in the cost of health insurance under the new agreement. Workers would pay $0 in premiums, have no deductibles or coinsurance, and no changes in co-pays.
Union members would receive two weeks of fully-paid parental leave. The insurance would also cover autism care and vision costs, including exams, frames, and lenses.
New hires would receive health care coverage after 30 days of employment on the first of the following month.
Retirement
Current and future union workers would choose between the traditional-plus and choice-plus retirement plans.
The traditional-plus plan allows employees to have a defined benefits pension, an increased multiplier for monthly pension for each year of service and fully own their pension after three years of service. The traditional-plus plan’s post-retirement health care fund offers cash balance savings. There will also be $2,000 of seed money per year of service.
The choice-plus plan includes a dollar for dollar 401(k) match up to 6% for 2022, then $0.70-$1 match for each year after. The specific match amount would be determined based on company profits. The company will also contribute 5% of employees’ annual wages to their 401(k).
The retirement bonus for both plans would total $37,500 for 10-24 years of service and $50,000 for 25 years or more.
My brother in law works at the Waterloo John Deere. The company offered everyone a 2% raise per year for the next 6 years. Of course, they went on strike. This offer is huge but it's still not enough for the UAW. It's always never been enough and the UAW always does this every time the economy is going through a tough time. We have a big John Deere plant in the town I live in so for the last 40 years I have been a front row spectator to the UAW and John Deere. I even knew some of the union stewards in years passed. They were dicks on their best days. It wasn't about making a quality product for the farming industry and having a good job to raise your family, it was how much money can we squeeze out of the farmers who buy the products. Go price anything John Deere and tell me it's not expensive. That's your UAW. I have no time for them.
kwg
