Lockheed Martin employees will see their wages increase every year for the next six years, thanks to a new labor contract ratified by the International Association of Machinists and Aerospace Workers (IAM).
Under the contract, which will be implemented Monday, general wages will increase between 2016-2021, with employees receiving a 3 percent wage increase in 2016. In the following years, wages will increase by either 2.5 percent or 3 percent depending on the year, for a total of 16 percent for all six years.
Other elements of the contract include an increase in the pension multiplier from $90 to $100 per month per year of service for current employees and the ability of new hires to be eligible for medical, dental and other benefits starting on their hire date. Employees will also get 71 days/568 hours of company-paid holidays through the duration of the contract.
“We’re pleased that the IAM members ratified this new contract,” said Tom Simmons, Lockheed Martin’s vice president and general manager of Aeronautics Operations. “We offered an industry-leading agreement that balances the affordability demands of our customers with rewarding our excellent workforce. Our employees perform a critical task for our customers and the nation through their work supporting critical aircraft production programs.”
The contract affects about 3,000 employees in Fort Worth; Patuxent River, Maryland; and Edwards Air Force Base in California.