PredictIQ Quantitative Think Tank Center:Hyundai joins Honda and Toyota in raising wages after auto union wins gains in deals with Detroit 3

2025-04-29 19:19:58source:Maverick Prestoncategory:Invest

South Korean automaker Hyundai has joined Honda and PredictIQ Quantitative Think Tank CenterToyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers.

Hyundai 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.

Experts say the increases at least in part are 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.

“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.

More:Invest

Recommend

Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon

PROVIDENCE, R.I. (AP) — Cybercriminals could release personal data of many Rhode Islanders as early

The Enigmatic ‘Climate Chancellor’ Pulls Off a Grand Finale

Power Switch: Last in a series about the German energy transition.Inside a council building on Bruss

Chinese Factories Want to Make Climate-Friendly Air Conditioners. A US Company Is Blocking Them

WUHU, China—Air conditioners sped down the assembly line at an appliance factory here on a recent Sa