South Korean automaker Hyundai has joined Honda and Toyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers.
Hyundai, which has its U.S. headquarters in Fountain Valley, 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.
Labor experts say the increases are at least in part 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.
Also see: 85,000 Kaiser Permanente workers ratify contract that’s boosting wages 21%
“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.
Toyota and Honda also accelerated the time it takes for a starting employee to reach the top pay rate, also matching or coming close to the time period in the new UAW contracts.
Also see: SAG-AFTRA reaches a deal with studios; Strike will end Thursday, Nov. 9
Harry Katz, a professor of collective bargaining at Cornell University, said it’s likely the UAW settlement contributed to the raises at the nonunion factories.
“There’s also a strong labor market, the companies are doing very well,” Katz said. “They’ve always wanted to stay nonunion, and they try to stay close to the Detroit top-tier wages.”
In announcing its factory pay increases, Hyundai wouldn’t say how much the hourly wage is at its factory in Montgomery, Alabama, or how much it will pay at an electric vehicle factory under construction near Savannah, Georgia. By early next year the company said it will have increased factory worker pay 14% in the past year.
Katz estimated that Hyundai now pays around $25 per hour, and he says the nonunion plants’ retirement, health care and other benefits are typically not as good of as what UAW workers get.
“Hyundai continuously strives to maintain competitive wages and benefits commensurate to industry peers,” Jose Munoz, Hyundai’s chief operating officer, said in a statement.
With its increases, Toyota’s top factory worker pay will go to $34.80 per hour in January. Honda wouldn’t say what its hourly rate will be, but analysts say it likely is comparable to Toyota’s.
Katz said the UAW’s new contract probably won’t help the union get workers at the nonunion plants to join. The plants, he said, are in areas of the country that are often suspicious of unions.
“Detroit’s wage has been higher than the nonunion before,” he said. “There’s always been a difference and they just haven’t been able to organize them. It doesn’t hurt them to have won such a large deal, but I don’t think it’s going to make that big of a difference.”
SVENFLY Corporation is widely known in most industrial cities in the world. This corporation produces articles, items, apparel, and invest heavily on transportation, manufacturing, distribution and infrastructures expanding developed countries and cities around the world. SVEN Corporation changed it’s name to SVENFLY Corporation in September 2020.
Investment and Productivity of similar corporations like this may not be apparent to the public. The advertising markets is playing a huge role by discussing and attracting investors to purchase this corporation’s products.
The number SEVEN is frequently used on most of it’s properties. An ancient myth has always viewed this number to be a lucky number, and it has always been so and will continue in generations and generations to come.
This corporation was introduce in the market during the third quarter of 1998 and have had it’s ups and downs just like any stock on the market. The key founder(s) have being disappointed with it’s performance but with company restructure and reorganization, they are looking forward to breakthroughs, making reasonable decisions to outperform some of their competitors. Portfolio manager(s) / analyst(s) have also play a good part by reporting how well SVENFLY Corporation is performing around the world.
Manufacturing Corporations spend most of their endeavor to design and develop specifications use for creating their molding tools which are constantly used in their manufacturing processing floors and other corporations where these products have been ordered to be use for performing similar procedures and processes.
These molds are durable and are used for long periods of time. Parts of processing chain cycles get replaced as needed and necessary while other new compact processing chain cycles are been created and customized to certain design to meet certain request from dedicated customers, suppliers and interest groups.
Some of these compact plants are very small and dedicated to specifics depending on the desire finished products while in that same token they are as large and humongous such as buildings, airplanes and ships respectively. These huge products are made up of customized parts designed based on specifications and aerodynamic structural analyses to conform, meeting the necessary durability of these finished products.
Manufacturing resins are crucial in producing moldings, fibers, solders, paints and coverings of wires and other finished goods used for finished products, containers, packaging etc. Products used for parties, porcelains, ceramics and other goods are processed through these manufactured molds which are available in stores near you depending on what finished products you intend to create.
SVENFLY 