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Labor Agreement

All articles tagged with #labor agreement

entertainment2 months ago

Broadway Musicians Avoid Strike with Tentative Labor Deal

Broadway's musicians' union reached a tentative labor deal with producers, avoiding a strike that could have shut down nearly two dozen shows, including hits like 'Hamilton' and 'The Lion King.' The agreement includes wage and health benefit increases, and the deal now awaits ratification by union members. This comes amid a strong box office recovery, with the 2024-2025 season earning a record $1.9 billion, highlighting Broadway's economic importance and the unions' leverage in negotiations.

via AP News|
#broadway#entertainment#labor-agreement
technologygaming1 year ago

"Activision QA Workers Establish Largest Video Game Union in US"

Around 600 software testers at Activision have formed the largest union in the U.S. video game industry, following a labor agreement negotiated as part of Microsoft's $69 billion acquisition of Activision. The union, named Activision Quality Assurance United-CWA, seeks higher wages and more career opportunities for its members. This move comes amidst a growing trend of labor organizing in the tech industry, with QA workers at Activision emphasizing the need for better labor protections and recognition of their essential role in game development.

via CNBC|
#activision#labor-agreement#microsoft
business1 year ago

Stellantis Warns of Turbulent 2024 After Profit Jump to Almost $20B

Stellantis workers represented by the United Auto Workers are set to receive profit-sharing checks averaging $13,860, a 6.1% decrease from last year, based on the automaker's 15.4% adjusted operating income margin in North America. The payout, to be distributed to approximately 38,000 eligible employees, reflects the company's commitment to rewarding its workforce for their contributions to its financial success. This stands as the largest profit-sharing compared to its Detroit competitors, with General Motors Co. paying up to $12,250 and Ford Motor Co. at $10,416 to eligible hourly workers.

via Detroit News|
#automotive-industry#business#labor-agreement
business2 years ago

"Southwest Airlines Pilots Ratify Five-Year Contract"

Southwest Airlines pilots have approved a new five-year labor agreement that includes a 50% pay raise over the period. The deal, valued at $12 billion, addresses issues such as pay, retirement benefits, disability insurance, and scheduling. This move comes as airlines compete to attract and retain pilots in the post-pandemic travel rebound. The hefty pilot contracts have also led to other work groups seeking similar gains, as seen with Southwest flight attendants rejecting a proposed contract last month.

via CNBC|
#airline-industry#business#labor-agreement
business2 years ago

"Southwest Airlines Pilots Ratify Five-Year Contract"

Southwest Airlines pilots have approved a new five-year labor agreement that includes a 50% pay raise over the period. The deal, valued at $12 billion, also addresses retirement benefits, disability insurance, and scheduling. This move comes as airlines seek to attract and retain pilots in the post-pandemic travel rebound, following similar contract approvals at other major carriers.

via Reuters|
#business#labor-agreement#pay-raise
business2 years ago

"Southwest Airlines Pilots Ratify Five-Year Contract"

Southwest Airlines pilots have approved a new five-year labor agreement that includes a 50% pay raise over the period. The deal, valued at $12 billion, will provide immediate pay increases of 29.15% for pilots, with additional hikes in the following years. This move comes as airlines seek to attract and retain pilots in the post-pandemic travel rebound, following similar contract ratifications at other major carriers.

via Yahoo Finance|
#business#contract#labor-agreement
business2 years ago

Southwest Airlines resolves labor disputes with pilots and flight attendants

Southwest Airlines and its pilots' union have reached a preliminary labor agreement, marking the end of contentious negotiations. The deal, worth approximately $12 billion over five years, includes significant pay raises for pilots. This agreement makes Southwest the last major U.S. airline to secure a deal with its pilots. The contract still needs to be approved by the pilots. Other major airlines, including American, United, and Delta, have already finalized pilot deals this year, offering substantial pay increases and addressing concerns about working conditions.

via CNBC|
#aviation-industry#business#labor-agreement
labor-relations2 years ago

MGM Grand Detroit Workers End 47-Day Strike with Ratified Labor Agreement

After 47 days on strike, workers at MGM Grand Detroit have ratified a record-breaking labor agreement, ending the strike. The agreement includes the largest wage increases ever negotiated in the history of MGM Grand Detroit, with an immediate $3 an hour raise upon ratification and $5 an hour total raises over the five-year contract. It also provides no health care cost increases, workload reductions, job protections, technology protections, and the option for a bonus. The settlement comes after unionized casino workers reached agreements with the other two casinos in Detroit.

via Detroit Free Press|
#detroit-casino-council#labor-agreement#labor-relations
business2 years ago

Ford's UAW strike and contract deal cost company billions

Ford Motor Company has reported that the United Auto Workers (UAW) strike cost the company $1.7 billion in lost profits, with the new labor agreement expected to cost an additional $8.8 billion over the contract's duration. The strike resulted in a reduction of approximately 100,000 fewer wholesale vehicles being sold than planned. Ford's adjusted earnings before interest and taxes (EBIT) forecast for 2023 has been revised down to $10 billion to $10.5 billion. CFO John Lawler confirmed that the labor expenses will add about $900 in costs per vehicle by 2028, but the company aims to offset these costs through increased productivity and reduced expenses elsewhere.

via Fox Business|
#business#ford#labor-agreement
business2 years ago

"Ford's 2023 Guidance Reinstated, UAW Deal to Cost $8.8 Billion"

Ford Motor has reinstated its 2023 guidance, projecting adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion and adjusted free cash flow of $5 billion to $5.5 billion. The company expects the United Auto Workers (UAW) labor agreement to cost $8.8 billion over the contract's lifespan, with an additional $900 in costs per assembled vehicle by 2028. Ford plans to cancel or postpone $12 billion in investments related to electric vehicles. The UAW agreement includes pay raises, cost-of-living adjustments, and enhanced profit-sharing payments.

via CNBC|
#business#cost-impact#financial-guidance