IRVING, Texas (AP) —Members of Caterpillar Inc. have approved a new six-year contract with the company that includes a $6,000 ratification bonus, a 19% salary increase and an 8% lump sum payment.
Members of the National Auto Workers Union approved a contract over the weekend covering 7,000 employees in central Illinois and York, Pennsylvania. The new contract will be effective immediately.
Workers will get an immediate 7% pay raise, plus a 4% general wage increase in March 2025, 2027 and 2028. Also next March and in 2026 he will be paid a lump sum of 4%.
The company, based in Irving, Texas, agreed not to close any factories during the contract period.
By the end of the deal, workers hired after 2005 will have the same pay schedule as workers hired before 2005, the company said.
Workers also received larger night shift premiums and got more matches on 401(k) plans.