Aston Martin Strengthens Employee Support with New Two-Year Agreement
10 June 2024, Gaydon: Aston Martin has successfully negotiated a new long-term agreement aimed at increasing employee compensation and enhancing work-life balance. This agreement, achieved through constructive discussions with Unite the Union, ensures a pay rise and reduced working hours for manufacturing technicians in 2025.
The agreement will benefit over 2,500 Aston Martin employees and contractors across its UK manufacturing sites and offices. The new deal includes a 4% annual pay increase for all general staff in 2024 and 2025. Specifically, manufacturing technicians will receive an additional 1.5% pay rise in 2025 and will see a reduction in their working hours by one hour per week, aimed at boosting productivity and supporting employee wellbeing.
Furthermore, all eligible employees will receive a one-time payment of £1,000 to help offset the high cost of living. This payment builds on Aston Martin’s ongoing commitment to its workforce, following a significant pay increase in January 2023 aligned with the Retail Price Index.
In addition to these benefits, Aston Martin launched a new employee share scheme in 2023, allowing all employees to gain a stake in the company and share in its success.
Simon Smith, Chief People Officer at Aston Martin, stated: “This new agreement, achieved through our positive collaboration with trade union colleagues, underscores our dedication to placing people at the core of our organization. It builds on our ongoing support for employees amidst the high cost of living and the challenges posed by the COVID-19 pandemic.
“By rewarding our skilled and dedicated employees, this agreement also enhances talent retention and provides labor stability as we enter a critical phase of production, with the ramp-up of new models that will drive the company’s financial success in 2024 and beyond.”
The agreement, approved by trade union members following constructive talks with Unite, confirms pay and conditions at Aston Martin for the next two years.
A spokesperson for Unite the Union commented: “After extensive negotiations between Unite the Union and Aston Martin Lagonda, our members have overwhelmingly voted to accept the two-year pay deal. Unite believes this agreement strengthens the working relationship with AML, delivers a substantial pay increase, and improves work-life balance for our members, promoting overall wellbeing.”
