🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Nissan and Mexican workers agree to 9% raise at Morelos plant, union says

Published 03/03/2023, 06:10 PM
Updated 03/03/2023, 06:15 PM
© Reuters. FILE PHOTO: A general view shows part of the Nissan manufacturing complex in Aguascalientes, Mexico August 29, 2018. Picture taken August 29, 2018. REUTERS/Liberto Urena
GM
-
VOWG_p
-
NSANY
-

MEXICO CITY (Reuters) - Labor representatives at a Nissan (OTC:NSANY) Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said.

Nissan's deal, which the union said a majority of workers approved in late February, is in line with other recent raises at automakers in Mexico as inflation cuts into purchasing power.

Leobardo Herrera, head of the Independent Union of Nissan Mexico Workers, said the union aimed to boost pay beyond inflation - which stood at 7.76% in early February - and came to a deal quickly with the company.

"We're interested in maintaining labor stability," he said.

The new salaries will be in place for a year before the union and company re-negotiate, Herrera said.

Nissan Mexicana, as the company's Mexico unit is known, said it negotiated with the union in February and is committed to ensuring labor rights for the roughly 1,500 unionized workers at its Morelos plant, which produces the NP300 pickup truck.

© Reuters. FILE PHOTO: A general view shows part of the Nissan manufacturing complex in Aguascalientes, Mexico August 29, 2018. Picture taken August 29, 2018. REUTERS/Liberto Urena

The automaker produces other models at plants in the state of Aguascalientes a few hundred miles northwest of Morelos, which are represented by a different union.

In other salary deals last year, pay for unionized autoworkers rose 9.4% at Audi, 9% at Volkswagen (ETR:VOWG_p), and 8.5% at General Motors (NYSE:GM).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.