MOLINE, Ill.: Union workers at Deere & Co. will receive a 10% wage increase in the first year and 5% each in the third and fifth years under a temporary contract between the farm-equipment maker and the United Auto Workers union. .
The workers will get a 3% lump sum amount in the second, fourth and sixth years of the deal. They will also receive an $8,500 ratification bonus and no change in the cost of their health insurance, according to a summary of the agreement posted on the union website Sunday.
The company and the UAW reached a tentative agreement Saturday that will cover more than 10,000 workers at 12 Deere locations in Iowa, Illinois and Kansas. However, the strike, which began on October 14, will continue while workers will review the terms of the deal before the ratification vote.
Union members previously rejected a proposed contract that included an immediate 5% increase for some workers and 6% for others, and a 3% increase in 2023 and 2025.
Illinois-based company Moline reported $4.7 billion in net income for the first nine months of its fiscal year, more than double the $2 billion for the same period a year ago.
Labor shortages affecting many industries also gave workers more leverage to demand better wages and benefits.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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