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US Steel workers to get biggest pay raise in years - Report

Steel News - Published on Wed, 17 Oct 2018

Image Source: Euronews
Reuters, citing three sources familiar with details of the negotiations, reported that United States Steel Corp workers are set to get the biggest wage jump in at least six years under a new deal negotiated with the company, providing early signs that gains from US President Donald Trump's clampdown on foreign imports are finally trickling down. The agreement, reached on Monday, proposes a cumulative 14 percent wage increase over a four-year period.

The new contract also proposes a lump sum bonus and a share in the company's profits. The workers will retain healthcare benefits from the last contract, which did not require them to pay a premium.

Wages were frozen in the last contract, which ended on September 1, as the company was suffering losses from a slump in the domestic steel prices. The 2012-2015 agreement raised wages by an average of about 1.5 percent per year over three years, according to the workers' union.

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Posted By : Ratan Singh on Wed, 17 Oct 2018
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