2023-10-30 12:13:36 ET
Canadian labor union Unifor has called off a strike that started early on Monday after it reached a tentative deal with automaker Stellantis ( NYSE: STLA ).
Unifor called for more than 8.2K workers to go on strike on Monday at Stellantis facilities in Canada after negotiators failed to reach an agreement before the Sunday midnight deadline.
Stellantis ( STLA ) reached a tentative three-year deal that now needs to be ratified by union members.
Under the deal, production workers will get an almost 20% hike in base hourly wages, while those under "skilled trades" will receive a 25% increase over the agreement period.
The deal also allows for general pay hikes of 10% in the first year, 2% in the second and 3% in the third, and the time needed for wages progression will be reduced to four years from eight.
"The agreement puts in place all the elements of our pattern agreement, the protections autoworkers need throughout the EV transition, and next-generation products our members will build for years to come," said Unifor Stellantis Master Bargaining Chair James Stewart.
The deal will also reinstate a cost of living allowance in December 2024 and improve all pension plans.
By the end of the agreement period, a top-rate production assembler will be expected to be paid $44.52 per hour, along with cost of living allowance of $1.61.
Stellantis ( STLA ) also reached a tentative agreement with the United Auto Workers on Saturday, bringing an end to a strike that started in September.
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Unifor ends strike after tentative deal with Stellantis