Sikorsky workers agree to 10% increase over four years, plus $4000 bonus

Sikorsky workers agree to 10% increase over four years, plus $4000 bonus

16-Dec-2013 Source: HeliHub.com

Late Sunday afternoon, Sikorsky workers voted overwhelmingly (2098 to 66) in favour of a new four-year deal that includes 10% wage increases over the life of the contract, $4,000 in signing bonuses ($2,000 paid in each of the first 2 years), a 15% increase in the pension multiplier and a 20% increase to the cash balance pension.  This had been negotiated by Local 1150 of the Teamsters union and voted for at two meetings – Toyota Oakdale Theatre in Wallingford, Connecticut and Eissey Campus Theatre in Palm Beach Gardens, Florida.

As late as noon on Thursday 12th, Sikorsky were offering 1.75% annual pay rise, a $1,000 ratification bonus, an increase of $4 in the pension multiplier to $69, a 10¢ increase in the hourly contribution to the cash balance pension, a $2 per year increase in the allowable Savings Plan matched contribution, a $25 increase to the allowable un-matched contribution to the Savings Plan, a $1 per week increase in the allowable contribution to the Individual Medical Account, and no improvement to the Voluntary Separation Option –

Mid afternoon on Thursday, Sikorsky raised their offer to a General Wage Increases averaging 2% annually (2.0/2.0/1.5/2.5 over the four years of the contract), a $1,500 ratification bonus that can be deposited into the Savings Plan or Health Savings Account in $250 increments matched at 50%, a $7 increase to the pension multiplier (to $72), an annual $2 increase to the maximum matched Savings Plan contribution, a $25 increase to the maximum un-matched Savings Plan contribution, a 20¢ per hour increase on the cash balance pension contribution, a $3 increase to the allowable contribution to the Individual Medical Account, and no improvement to the Voluntary Separation Option.

The contract takes effect Monday and culminates two weeks of negotiations well ahead of the February 14th expiration of the current contract, which covers 4,500 employees.

Jeremy Parkin – HeliHub.com

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