Luxury car manufacturer Aston Martin is to increase pay for UK staff by 3% in 2017 and 2018.
The increases form part of the organisation’s 2016 settlement and two-year pay deal, which will see pay rates rise by 3% from 1 January 2017. From 1 January 2018 there will be an additional 3% pay increase or the retail price index plus 0.5%, whichever is the higher amount.
The agreement includes a £379 lump sum payment to shop floor employees and other staff in December 2016, and consolidation of £650 into 2016 new base pay rates.
Aston Martin employees who are members of trade union Unite voted 92% in favour of accepting the new agreement.
In addition, a joint working party will consider alternatives to the proposed closure of the Aston Martin defined benefit (DB) pension scheme to future accrual. This could potentially feature the introduction of a career related average earnings (CARE) scheme.
An Aston Martin spokesperson said: “Aston Martin’s workforce has voted to accept its pay and conditions agreement for 2016, 2017 and 2018. This agreement will not only reward performance, but give the [organisation] stability while we realise our six-year second century plan to make Aston Martin a sustainably profitable business.”
Tim Parker, regional officer at Unite, added: “This record deal recognises the tremendous efforts and great skills that the whole of the Aston Martin workforce has continually contributed during many very difficult years recently to maintain Aston Martin as a worldwide renowned UK producer of fantastic luxury premier cars, which have a great future.”