Aston Martin has signed a major long-term agreement that will offer its employees higher wages and shorter working hours, aimed at improving work-life balance and increasing productivity.
More than 2,500 eligible Aston Martin employees and contractors in the UK will benefit from this new agreement, which includes a 4% annual pay increase for general staff in 2024 and 2025. Production technicians will receive an additional 1.5% wage increase and a reduction in wage costs in 2025. in their working week by one hour, starting in 2025.
In addition, all eligible employees will receive a one-off payment of £1,000 to help with the high cost of living, building on a significant pay increase in line with the January 2023 Retail Price Index.
In 2023, Aston Martin also introduced an employee share scheme, giving all staff a stake in the company and a chance to share in its success.
Simon Smith, Aston Martin Chief People Officer, said: “This agreement, which has been achieved through our positive collaboration with trade union colleagues, underlines our commitment to our people, making Aston Martin a desirable place to work. It builds on our support for workers amid the high cost of living and during the COVID-19 pandemic.
“This deal not only rewards our dedicated employees, but also promotes talent retention and provides job security as we ramp up production of new models to achieve our financial goals for 2024 and beyond.”
The agreement, which was reached following constructive discussions with Unite, was ratified by union members through an employee vote, guaranteeing wages and conditions for the next two years.
A spokesperson for Unite the Union added: “After lengthy negotiations, our members have voted overwhelmingly to accept the two-year pay deal. Unite believes this agreement strengthens our working relationship with Aston Martin Lagonda, delivers a substantial pay increase and improves work-life balance, promoting the wellbeing of our members.”
