Honda (HMC) offers U.S. workers 11% raise following UAW win

The Wall Street Journal reports Friday morning that Japanese automaker, Honda Motor (NYSE: HMC) is offering “many” U.S. factory workers an 11% pay increase, as-well-as making other improvements.

The move comes after the United Auto Workers (UAW) union won major concessions from the Detroit 3 automakers last month through a nearly six week long strike.

According to the Wall Street Journal, a memo seen by the media outlet says the raise in the base wages will take effect in January.

Additionally, the Japanese automaker is reducing the time required to reach the maximum wage by half, from six to three years. This adjustment mirrors a concession secured by the UAW in its talks with General Motors (NYSE: GM), Ford Motor (NYSE: F), and Stellantis (NYSE: STLA).

The memo was confirmed by a Honda spokesperson.

Shares of HMC are up 0.91% in mid-day trading on Friday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• Chinese carmakers exploring Canada’s EV import quota, Joly says
• Comfort Systems USA names new COO and Chief Strategy Officer
• These 2 chipmakers are key beneficiaries of power semis: Bernstein