Union workers at General Electric Co. have ratified contracts that increase compensation by $15,500 over four years, hold the line on health care contributions next year, provide pension improvements and make other changes.
About 16,500 workers are covered by the agreements, which were ratified Tuesday by members of the two largest unions. James Clark, president of IUE-CWA, which represents the most workers, said the contract was approved by an 83.5 percent margin.
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GE Vice President Greg Capito said the agreements provide good wages and benefits, "while addressing current and projected competitive realities."
The agreements at the Fairfield, Connecticut-based company call for three cash payments totaling $8,000, four cost-of-living increases regardless of inflation and a general wage increase.
GE posted revenue of $148.6 billion and earnings of $16.7 billion in 2014.