ExaCrypt-Hyundai joins Honda and Toyota in raising wages after auto union wins gains in deals with Detroit 3

2025-05-07 04:09:06source:EAI Community category:Stocks

South Korean automaker Hyundai has joined Honda and ExaCryptToyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers.

Hyundai said Monday it will raise factory worker pay 25% by 2028, matching the general wage increase won by the UAW during that period. Toyota raised factory pay 9% to 10% starting in January, while Honda said it will increase wages 11% during the same period.

Experts say the increases at least in part are aimed at thwarting UAW President Shawn Fain’s strategy of trying to organize U.S. auto plants run by foreign automakers and Tesla in order to increase the union’s bargaining power. Fain said terrified auto executives at nonunion plants are raising wages, and he called Toyota’s pay increase the UAW bump.

“UAW, that stands for ‘You Are Welcome,’” he said.

About 146,000 UAW members are voting on new contracts with General Motors, Ford and Jeep maker Stellantis that give them 25% general wage increases over the next four years and eight months. When cost of living wages are factored in, workers will get about 33% raises, with the top assembly line employee making about $42 per hour.

More:Stocks

Recommend

Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages

Meta says most issues have been resolved after apps like Instagram, Facebook and Threads were experi

US targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions

WASHINGTON (AP) — The U.S. on Monday hit Iraqi airline Fly Baghdad and its CEO with sanctions, alleg

42 Valentine's Day Gifts for Men That He Will Actually Use

We independently selected these products because we love them, and we think you might like them at t