Aston Martin has completed a new long-term agreement, increasing pay for its valued employees whilst committing to reduce the contractual hours of manufacturing technicians in 2025 to promote a positive work-life balance.
More than 2,500 eligible Aston Martin employees and contractors across its UK manufacturing sites and offices are to be rewarded through the new deal, which provides a 4% annual pay increase for its general staff population in 2024 and 2025. In addition to a 4% increase in 2024, manufacturing technicians at the company will receive a 1.5% rise in 2025 alongside a reduction in working time by the equivalent of one hour in the working week, with the goal of boosting productivity and supporting employee wellbeing.
All eligible employees will also receive a one-off payment of £1,000 recognising the continued high cost of living, building on the company’s long-standing support for its people, including a significant pay increase in line with the Retail Price Increase in January 2023.
In 2023, the company also launched a new employee share scheme, awarding all employees a stake in the company and the opportunity to share in its success.
Simon Smith, Chief People Officer of Aston Martin, said:
“Achieved through our positive working relationship with trade union colleagues, this new agreement recognises our commitment to putting people at the very heart of our organisation and making Aston Martin a great place to work. It builds on our continued support for colleagues with the high cost of living and throughout the COVID-19 pandemic."
“In addition to rewarding our skilled and dedicated employees, this agreement also promotes talent retention, providing labour certainty for the business as we enter an important period of production, with the ramp up of new models that will support the company’s financial goals in 2024 and beyond.”
Achieved following constructive talks with Unite, the new agreement has been welcomed by trade union members in an employee ballot and confirms pay and conditions at the company for the next two years.
A spokesperson for Unite the Union added:
“Following lengthy negotiations between Unite the Union and Aston Martin Lagonda, Unite members have voted in large majority to accept the two year pay deal. Unite believes that this deal promotes the working relations built with AML, along with delivering a substantial pay rise and improvements on the work life balance of our members, promoting wellbeing.”