Aston Martin has announced a significant new two-year agreement designed to support its employees amidst the rising cost of living and improve their overall wellbeing.
Effective from 2024, this agreement includes a pay increase and reduced working hours, reflecting the company’s commitment to enhancing work-life balance for its workforce.
Starting in 2024, more than 2,500 eligible Aston Martin employees and contractors across the UK will benefit from a 4% annual pay raise. Additionally, manufacturing technicians will receive an extra 1.5% pay increase in 2025, accompanied by a reduction in their working hours by one hour per week. This initiative aims to boost productivity while supporting employee wellbeing.
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In recognition of the ongoing high cost of living, all eligible employees will also receive a one-time payment of £1,000. This bonus builds on Aston Martin’s previous efforts to support its workforce, which included a substantial pay raise in line with the Retail Price Index in January 2023.
Aston Martin has also launched an employee share scheme, giving all employees a stake in the company, further promoting a sense of ownership and shared success within the organization.
Simon Smith, Chief People Officer at Aston Martin, highlighted the collaborative effort behind this agreement: “Achieved through our positive working relationship with trade union colleagues, this new agreement recognizes our commitment to putting people at the very heart of our organization and making Aston Martin a great place to work. It builds on our continued support for colleagues with the high cost of living and throughout the COVID-19 pandemic.
“In addition to rewarding our skilled and dedicated employees, this agreement also promotes talent retention, providing labor certainty for the business as we enter an important period of production, with the ramp up of new models that will support the company’s financial goals in 2024 and beyond.”
The agreement, reached after constructive discussions with Unite, has been welcomed by trade union members, who voted in favor of the new terms in an employee ballot. This approval ensures stable pay and working conditions for the next two years.
A spokesperson for Unite the Union commented: “Following lengthy negotiations between Unite the Union and Aston Martin Lagonda, Unite members have voted in large majority to accept the two-year pay deal.
Unite believes that this deal promotes the working relations built with AML, along with delivering a substantial pay rise and improvements on the work-life balance of our members, promoting wellbeing.”
This agreement marks a significant step in supporting Aston Martin’s employees, reinforcing the company’s dedication to their welfare and the overall sustainability of its workforce.
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