The GE Tentative Agreement: What You Need to Know
General Electric (GE) and its labor union, the International Union of Electrical Workers-Communications Workers of America (IUE-CWA), have reached a tentative agreement on a new four-year contract. The agreement, which still needs to be ratified by union members, covers approximately 6,500 GE workers across the United States.
Here`s what you need to know about the GE tentative agreement:
Wages and Benefits
Under the new agreement, GE workers will receive a 4% wage increase over the life of the contract. The agreement also includes a one-time $1,500 ratification bonus. In addition, the agreement maintains current healthcare benefits and includes a new vision plan.
Job Security
The agreement includes language aimed at preserving jobs and preventing outsourcing. GE has agreed to bring back some previously outsourced work to the United States, and the union has agreed to work with the company to identify opportunities for new work.
Pension
The agreement keeps the current defined benefit pension plan, with some minor modifications. Specifically, the pension will be frozen for current employees at the end of the contract, and new hires will be offered a different, less generous retirement plan.
Other Provisions
The agreement includes several other provisions, including:
– A $500 tool allowance for eligible employees
– An additional week of vacation time for employees with 25 or more years of service
– Expanded bereavement and parental leave policies
– A commitment to diversity and inclusion, including the formation of a joint committee to address these issues
What`s Next?
The union will hold a ratification vote in the coming weeks to determine whether to accept the tentative agreement. If the agreement is ratified, it will take effect immediately and remain in place until June 2025.
Overall, the GE tentative agreement appears to be a positive outcome for both the company and its workers. It provides wage increases and job security provisions, while also maintaining valuable benefits like healthcare and pensions. The agreement also demonstrates the power of collective bargaining and the importance of unions in protecting workers` rights.