British luxury carmaker Aston Martin (AML.L) announced on Monday that it will implement a 4% annual pay raise for over 2,500 employees and contractors at its UK manufacturing sites and offices for the years 2024 and 2025.
Additionally, manufacturing technicians at the company will benefit from an extra 1.5% pay increase in 2025, along with a one-hour reduction in their working week.
In response to the ongoing high cost of living, Aston Martin stated that all eligible employees would receive a one-time payment of £1,000 ($1,271.60).
“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,” a spokesperson for Unite said in the statement.
This new pay agreement coincides with Aston Martin’s strategic halt in the production of older models as it prepares to ramp up production of new models later this year.