Italy's auto workers to get 6.5% pay rise this year (updated)
08/03/2023 10:27
(Adds details from the agreement, macroeconomic context)
MILAN, March 8 (Reuters) - Italy's largest automotive
groups, led by Fiat-maker Stellantis STLAM.MI , on Wednesday
signed an agreement with unions for a 6.5% salary increase from
this month for workers at their Italian operations to counter
the effects of soaring inflation.
Wages will increase by a further 4.5% from January next
year, while workers will also receive a one-off sum for a total
of 600 euros ($632) to be paid in three tranches over this year,
UILM union said, setting out the deal.
The agreement, for which talks officially kicked off at the
end of October, covers almost 70,000 workers at Stellantis,
Ferrari RACE.MI , Iveco IVG.MI and CNH Industrial CNHI.MI .
Stellantis confirmed in a separate statement that the
overall pay increase for its Italian workers would total over
11% in the first two years covered by the four-year deal signed
on Wednesday.
The pay increases are part of wider deal to renew four-year
contracts that expired at the end of 2022 for most Italian
workers at the four manufacturers, all of which have their roots
in the former Fiat group.
Italy's EU-harmonised inflation averaged 8.7% in 2022,
but topped the 10% threshold in the second part of last year.
Although it slowed down at the beginning of 2023,
it remained close to 10%
in February, based on preliminary data.
($1 = 0.9490 euros)
(Reporting by Giulio Piovaccari
Editing by Keith Weir)
((giulio.piovaccari@thomsonreuters.com))