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Wages will increase by a further 4.5% from January next year, while workers will also receive a one-off sum for a total of 600 euros ($632) to be paid in three tranches over this year, UILM union said, setting out the deal.
The agreement, for which talks officially kicked off at the end of October, covers almost 70,000 workers at Stellantis, Ferrari (NYSE:RACE), Iveco and CNH Industrial (NYSE:CNHI).
Stellantis confirmed in a separate statement that the overall pay increase for its Italian workers would total over 11% in the first two years covered by the four-year deal signed on Wednesday.
The pay increases are part of wider deal to renew four-year contracts that expired at the end of 2022 for most Italian workers at the four manufacturers, all of which have their roots in the former Fiat group.
Italy’s EU-harmonised inflation averaged 8.7% in 2022, but topped the 10% threshold in the second part of last year. Although it slowed down at the beginning of 2023, it remained close to 10% in February, based on preliminary data. ($1 = 0.9490 euros)
