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Aston Martin has finalised a significant long-term agreement, offering increased pay and reduced working hours for its employees, aimed at enhancing work-life balance and boosting productivity.
More than 2,500 eligible Aston Martin employees and contractors across the UK will benefit from this new deal, which includes a 4% annual pay increase for general staff in 2024 and 2025. Manufacturing technicians will receive an additional 1.5% pay rise in 2025 and a reduction in their working week by one hour, starting in 2025.
Additionally, 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 rise aligned with the Retail Price Index provided in January 2023.
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, Chief People Officer of Aston Martin, stated: “This agreement, achieved through our positive collaboration with trade union colleagues, underscores our commitment to our people, making Aston Martin a desirable workplace. It builds on our support for employees amidst 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 labour certainty as we ramp up production of new models to meet our financial goals for 2024 and beyond.”
The agreement, reached after constructive discussions with Unite, has been endorsed by trade union members through an employee ballot, ensuring pay and conditions for the next two years.
A Unite the Union spokesperson added: “Following 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 rise, and improves work-life balance, promoting the wellbeing of our members.”
