3 March, 2008IAM members at eight Lockheed Martin facilities in the U.S. ratify three new agreements securing significant increases in retirement benefits and pay.
USA: New three-year collective agreements reached by the International Association of Machinists and Aerospace Workers with Lockheed Martin this week, secures 6,000 aerospace workers with record pay increases and significant improvements in pension benefits.
The agreements, which were ratified by a majority of IAM members at eight Lockheed facilities through the U.S. on March 2, includes a US$2,000 ratification bonus in addition to wage increases of four per cent in the first year and three per cent in the second and third years.
The agreements also increase the pension benefit by $11 to $77 a month, giving IAM members the highest pension in the U.S. aerospace industry. Improvements in healthcare coverage insurance benefits and other retirement benefits are also included.
"Aerospace firms like Lockheed Martin are posting big profits and this agreement recognizes the key role our members play in making these profits possible," said IAM international president Tom Buffenbarger. "And at a time when American corporation are jettisoning pension plans, we improved defined-pension benefits and ensured newly hires workers will be covered."