GE Announces Details of Proposed Labor Contracts
June 24 2015 - 4:40PM
Business Wire
Union delegates endorse; members to vote
next week
Today GE announced details of the proposed four-year labor
agreements that will be voted on by members of the IUE-CWA and UE
on or about June 30, 2015.
The details come one day after the UE Conference Board endorsed
its contract. The IUE-CWA endorsed its contract today.
GE Vice President for Labor Relations Greg Capito said, “We’re
pleased we were able to reach a tentative agreement which was
recommended by the delegates for their members to ratify. This
contract continues to provide an excellent GE job package, and we
are hopeful our employees will feel the same.”
The tentative four-year agreements were reached Sunday after
three weeks of bargaining. Among the improvements that will be
implemented if the contracts are ratified:
Significant Cash Payments and Wage Increases
Union employees covered by these negotiations will receive
approximately $15,500 in additional compensation over the next four
years:
- $2,000 ratification bonus
- Three accelerated cash payments
totaling $8,000
- Four fixed cost of living adjustments
(COLAs) and one general wage increase
Enhanced Health Care Benefits & Simplified Process at
Affordable Costs
- No increases to health care
contributions in 2016
- No increase in deductibles or
co-insurance maximums for the 4 year contract period
- Expanded coverage for medical,
pharmacy, dental and vision
- Two new features – a single GE Pharmacy
Card and an auto reimbursement process – to help employees more
easily manage their healthcare expenses
Boost to GE Pensions and Enhancements to GE’s Retirement
Savings Plan
- Up to 6.25% improvements in the
Guaranteed Pension table
- A one-time update will raise the
Regular Pension for eligible long-service union employees by an
average of 15.9%
- Eligible union employees will be
automatically enrolled in the Retirement Savings Plan and will
receive an additional Company Retirement Contribution to boost
retirement savings
Valuable Improvements to Other Benefits
- GE Educational Loan Program benefits
will increase by more than 30%
- GE Adoption Assistance reimbursement
will increase 25%
- Increases for short and long term
disability benefits
- Dependent Life Insurance eligibility
extended to age 26
- Bereavement benefits expanded
- Enhanced military pay for annual
training
- Numerous improvements for service
shops
More details on these benefits and many additional benefit
improvements can be found in GE’s Focus Newsletter at
www.geunionnegotiations.com > Contract Details.
The 11 unions affected by these tentative agreements represent
approximately 16,500 GE employees in the U.S. They are members of
the Coordinated Bargaining Committee (CBC) of unions representing
GE employees. National negotiations are conducted with IUE-CWA and
the UE, and local contracts are negotiated with other CBC
unions.
The IUE-CWA represents approximately 9,300 GE employees, and its
labor agreement covers GE locations including Louisville, KY (GE
Appliances); Lynn, MA (GE Aviation); and Schenectady, NY (GE Power
& Water). The UE represents approximately 3,480 employees and
its labor agreement includes Erie, PA (GE Transportation) as the
largest site. Contracts negotiated with additional unions at the
local level represent the remaining unionized employees.
About GE
GE (NYSE:GE) imagines things others don’t, builds things others
can’t and delivers outcomes that make the world work better. GE
brings together the physical and digital worlds in ways no other
company can. In its labs and factories and on the ground with
customers, GE is inventing the next industrial era to move, power,
build and cure the world. www.ge.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150624006430/en/
Media:GEChris Horne, 518-225-2779
(mobile)Christine.Horne@ge.comorMeghan Thurlow, 202-701-9351
(mobile)Meghan.Thurlow@ge.com
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